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Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 18 pages
File Size : 48,7 Mb
Release : 2023-07-19
Category : Business & Economics
ISBN : 9798400248733
Euro Area Policies: Selected Issues
Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 94 pages
File Size : 48,5 Mb
Release : 2017-07-25
Category : Business & Economics
ISBN : 9781484312353
This paper focuses on the convergence performance of euro area countries before and after euro introduction. The analysis compares per capita incomes across countries, both for the initial group of twelve countries that adopted the euro before 2002 (the so-called EA-12) as well as the current group of 19 euro area members (EA-19). The convergence process has stalled since the introduction of the euro, except for new euro area members which reduced their income gaps vis-à-vis the founding members until their adoption of the common currency. The convergence of income levels is not a prerequisite for a functioning monetary union, but has been considered an important objective of the European economic integration process. Lagging productivity growth in countries with lower initial GDP per capita is found to be the main explanation for the lack of convergence, suggesting that structural reforms can help to restart the convergence process.
Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 72 pages
File Size : 40,5 Mb
Release : 2013-07-25
Category : Business & Economics
ISBN : 9781484347850
This Selected Issues paper on Euro Area Policies 2013 Article IV Consultation highlights the monetary transmission mechanism and monetary policies. The European Central Bank has announced the Outright Monetary Transactions framework to address severe distortions in sovereign bond markets and safeguard monetary transmission. The cost of unsecured bond issuance remains elevated for both core and periphery banks, but there is a growing divergence between the two, driven mainly by rising periphery spreads. Weak growth and high levels of private balance sheet debt in the periphery are weighing on the health of bank balance sheets.
Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 112 pages
File Size : 50,9 Mb
Release : 2015-07-27
Category : Business & Economics
ISBN : 9781513540917
Euro Area Policies: Selected Issues
Author : Anonim
Publisher : Unknown
Page : 68 pages
File Size : 48,9 Mb
Release : 2007
Category : European Union countries
ISBN : STANFORD:36105123893070
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 58 pages
File Size : 45,7 Mb
Release : 2012-07-18
Category : Business & Economics
ISBN : 9781475598940
This 2012 Article IV Consultation—Selected Issues Paper on Euro Area Policies argues that the creation of a common eurozone financial stability architecture is an immediate priority to restore the viability of the Economic and Monetary Union. The paper presents a narrative of the various stages of the banking and sovereign crisis since the Summer of 2011. It also characterizes the downward spirals at play in periphery euro area countries and describes the process of financial de-integration within the euro area.
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 120 pages
File Size : 48,8 Mb
Release : 2002-10-29
Category : Business & Economics
ISBN : 9781451812985
This paper examines monetary and exchange rate policies of the euro area. The paper reviews the European Central Bank’s definition of price stability, and examines the factors determining “the optimal rate of inflation” in the euro area. It reviews the benefits of price stability, including the reduction in the distortions of savings and investment behavior that stem from the interaction between nominal tax systems and inflation. It then goes on to evaluate arguments for maintaining a small positive inflation rate in the context of the euro area.
Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 68 pages
File Size : 54,7 Mb
Release : 2018-11-14
Category : Business & Economics
ISBN : 9781484384596
This Selected Issues paper estimates the long-run economic impact of Brexit on the United Kingdom under two distinct assumptions for the post-Brexit relationship between the United Kingdom and the European Union. These illustrative scenarios entail different degrees of higher trade costs, a more restricted European Union migration regime and reduced foreign inward investment. A standard multicountry and multisector computable general equilibrium model is used to quantify the impact of higher trade barriers. There is substantial sectoral heterogeneity in the impact, and regions with higher concentrations of the more affected sectors are likely to confront greater losses. The empirical analysis suggests the speed of sectoral labor relocation across sectors has been relatively low in the UK. Irrespective of these empirical estimates, policies, such as retraining, would be critical to facilitate faster adjustment of the economy to the post-Brexit equilibrium thereby helping to minimize the associated costs to individuals and in aggregate.
Author : International Monetary Fund
Publisher : Unknown
Page : 35 pages
File Size : 46,8 Mb
Release : 2011-07-19
Category : Electronic
ISBN : 1462338542
The European Union’s (EU) financial stability framework is being markedly strengthened. This is taking place on the heels of a severe financial crisis owing to weaknesses in the banking system interrelated with sovereign difficulties in the euro area periphery. Important progress has been made in designing an institutional framework to secure microeconomic and macroprudential supervision at the EU level, but this new set-up faces a number of challenges. Developments regarding the financial stability may assist in the continuing evolution of the European financial stability architecture.
Author : International Monetary Fund
Publisher : Unknown
Page : 36 pages
File Size : 55,5 Mb
Release : 2011-07-19
Category : Electronic
ISBN : 1462339549
The euro area (EA) plays a major role in the global economy. Market perceptions of events in the EA program countries illustrate the possibility of large spillovers from the area in times of stress. The prospect of large spillovers underscores the urgent need for actions to contain, and eventually overcome, the ongoing crisis. The planned fiscal consolidation in the EA could benefit the rest of the world. Spillovers from gradual monetary policy normalization appear manageable. Execution of the structural reform agenda will carry positive spillovers.
Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 40 pages
File Size : 53,7 Mb
Release : 2017-05-10
Category : Business & Economics
ISBN : 9781475599497
Luxembourg: Selected Issues
Author : Natalia T. Tamirisa
Publisher : International Monetary Fund
Page : 56 pages
File Size : 47,9 Mb
Release : 2008
Category : Electronic
ISBN : 8392338367
Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 58 pages
File Size : 43,8 Mb
Release : 2000-11-09
Category : Business & Economics
ISBN : 9781452773063
For the time being—and possibly for a considerable time to come—developments and prospects for the euro area are quite favorable. This upbeat outlook is underpinned by buoyant activity indicators and a supportive policy mix. High household and business confidence, rising capacity utilization and industrial production, strong job creation, and—so far—employment-friendly wage settlements point to sustained activity in the near term. Moreover, the macroeconomic fundamentals in the euro area appear much sounder than in previous recoveries.
Author : Mr. Shekhar Aiyar,Mr. Dermot Monaghan
Publisher : International Monetary Fund
Page : 79 pages
File Size : 42,5 Mb
Release : 2015-09-24
Category : Business & Economics
ISBN : 9781513511658
Europe’s banking system is weighed down by high levels of non-performing loans (NPLs), which are holding down credit growth and economic activity. This discussion note uses a new survey of European country authorities and banks to examine the structural obstacles that discourage banks from addressing their problem loans. A three pillared strategy is advocated to remedy the situation, comprising: (i) tightened supervisory policies, (ii) insolvency reforms, and (iii) the development of distressed debt markets.
Author : Anonim
Publisher : INTERNATIONAL MONETARY FUND
Page : 60 pages
File Size : 51,8 Mb
Release : 2004-08-03
Category : Electronic
ISBN : 1451812906
The staff report on Euro Area Policies highlights cyclical growth developments and risks. The area's real GDP growth has picked up, responding to strong foreign demand and relaxed financial conditions. The final domestic demand growth remains subdued, and the area lags global growth by a large and widening margin. Euro area corporations have taken considerable time to adjust to the boom-bust cycle in equity valuations. The shared central view is that the export-led recovery will increasingly be sustained by domestic demand growth.