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Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 40 |
Release | : 2014-02-14 |
Genre | : |
ISBN | : 9264214275 |
Download Better Policies Euro Area: Economic Challenges and Policy Recommendations Book in PDF, ePub and Kindle
This book provides an overview of the key challenges currently faced in the Euro Area and OECD's main policy recommendations to address them.
Author | : OECD |
Publisher | : OECD Publishing |
Total Pages | : 41 |
Release | : 2012-10-15 |
Genre | : |
ISBN | : 9264201645 |
Download Better Policies Addressing the Competitiveness Challenges in Germany and the Euro Area Book in PDF, ePub and Kindle
Drawing on the OECD’s expertise in comparing country experiences and identifying best practices, this book tailors the OECD’s policy advice to the specific and timely priorities of Germany and the Euro Area, focusing on how their governments can make reform happen.
Author | : André Sapir |
Publisher | : OUP Oxford |
Total Pages | : 252 |
Release | : 2004-03-04 |
Genre | : Business & Economics |
ISBN | : 0191533912 |
Download An Agenda for a Growing Europe Book in PDF, ePub and Kindle
Over the past decade European economic integration has seen considerable institutional success, but the economic performance of the EU has been varied. While macroeconomic stability has improved and an emphasis on cohesion preserved, the EU economic system has not delivered satisfactory growth performance. This book is the report of a high-level group commissioned by the President of the European Commission to review the EU economic system and propose a blueprint for an economic system capable of delivering faster growth along with stability and cohesion. It assesses the EU s economic performance, examines the challenges facing the EU in the coming years, and presents a series of recommendations. The report views Europe's unsatisfactory growth performance during the last decades as a symptom of its failure to transform into an innovation-based economy. It has now become clear that the context in which economic policies have been developed has changed fundamentally over the past thirty years. A system built around the assimilation of existing technologies, mass production generating economics of scale, and an industrial structure dominated by large firms with stable markets and long term employment patterns no longer delivers in the world of today, characterized by economic globalization and strong external competition. What is needed now is more opportunity for new entrants, greater mobility of employees within and across firms, more retraining, greater reliance on market financing, and higher investment in both R&D and higher education. This requires a massive and urgent change in economic policies in Europe.
Author | : Kenneth Dyson |
Publisher | : OUP Oxford |
Total Pages | : 400 |
Release | : 2006-11-02 |
Genre | : Political Science |
ISBN | : 0191515426 |
Download Enlarging the Euro Area Book in PDF, ePub and Kindle
This book seeks to offer the first in-depth and systematic analysis of the challenges of the Euro Area and the eastward enlargement of the European Union. It focuses in particular on how the prolonged process of accession to the Euro Area is affecting domestic economic policies in the accession states of east central Europe. It contributes to Europeanization studies, comparative political economy and to studies of Economic and Monetary Union. It also provides a picture of processes of domestic transformation in such countries as the three Baltic States, Bulgaria, the Czech Republic, Hungary, Poland and Romania. The book brings together a range of recognized experts from across Europe and combines country and sectoral case studies with a thematic treatment. It begins by offering an 'outside-in' perspective, which situates the effects of EMU on the accession states in the wider context of the development of global economic norms. The second part focuses on an 'inside-out' analysis of how Euro Area accession affects the states of east central Europe - their policies, politics and public institutions. The final part assesses how Euro Area accession is affecting key policy sectors in east central Europe: financial market regulation, fiscal policies and welfare states and labour markets.
Author | : Fondo Monetario Internacional |
Publisher | : INTERNATIONAL MONETARY FUND |
Total Pages | : 62 |
Release | : 2007-07-31 |
Genre | : |
ISBN | : 9781451813067 |
Download Euro Area Policies: Selected Issues Book in PDF, ePub and Kindle
This Selected Issues paper on Euro Area Policies reviews the integration of Europe's financial markets and the challenges faced by the new European Union member states with respect to euro adoption. Markets in the Financial Instruments Directive are expected to become applicable in November 2007. The Directive injects new competition among financial intermediaries at all steps of a security's transaction cycle, from the provision of investment advice to the practical execution and settlement of the transaction, and thus holds the promise to accelerate Europe's apparently sluggish financial sector productivity growth.
Author | : Dermot Hodson |
Publisher | : Oxford University Press |
Total Pages | : |
Release | : 2011-08-25 |
Genre | : Political Science |
ISBN | : 0191618241 |
Download Governing the Euro Area in Good Times and Bad Book in PDF, ePub and Kindle
Can the euro area survive without a more centralized economic policy? What lessons can be drawn from Economic and Monetary Union about new modes of policy-making in the European Union? Have euro area members spoken with one voice on the international stage and what does this mean for the European Union's ambitions to be a global actor in its own right? This book explores these three key questions through an in-depth analysis of euro area governance from the launch of the single currency in 1999 to the sovereign debt crisis of 2010. Drawing insights from the study of European Union politics, comparative political economy and international political economy, it examines: Economic and Monetary Union's break from the Community method of policy-making; the European Central Bank's ambivalence about the pursuit of ever closer union; the Eurogroup's rise and fall as a forum for economic policy coordination; the interplay between national fiscal institutions and the stability and growth pact; the broad economic policy guidelines' failure to apply peer pressure; the European Union's influence within the G20 and the International Monetary Fund at the height of the global financial crisis; euro diplomacy towards China and other rising powers; and current debates about the fate of EMU and the reform of euro area governance in the aftermath of the global financial crisis. The book's conclusions challenge claims that the euro area is in crisis because of its decentralized approach to decision-making alone and the corollary that the euro can be saved only through a further transfer of sovereignty to the supranational level.
Author | : European Commission. Directorate-General for Economic and Financial Affairs |
Publisher | : |
Total Pages | : 92 |
Release | : 2007 |
Genre | : Business & Economics |
ISBN | : 9789279012198 |
Download Annual Report on the Euro Area, 2006 Book in PDF, ePub and Kindle
The first annual report on the euro area provides an economic analysis of issues raised in the annual statement on the euro area. Chapter 1 focuses on macroeconomic developments, highlighting the factors driving the economic recovery and summarising the upside and downside risks to the economic outlook. Chapter 2 explores the positive contribution of macroeconomic policies to the euro-area's economic recovery and the need for an adjustment in the macroeconomic-policy setting in view of the improved outlook. Chapter 3 discusses the importance of well-functioning product, labour and capital markets for a dynamic and smooth functioning EMU and their contribution to dealing with unwarranted cross-country growth and inflation differences. Chapter 4 describes the emergence of the euro as a global currency, the euro-area's developing role in international financial institutions and fora and the challenges posed to the world economy by unsustainable current-account imbalances. Communication from the Commission to the Council, the European Parliament, the European Economic and Social Committee, the Committee of the Regions and the European Central Bank. COM(2006)392 final.The first Annual Statement on the Euro Area calls for a prudent macroeconomic policy mix delivering price stability and reduced fiscal imbalances in view of the more positive economic outlook for the euro area, coupled with structural reforms to improve the functioning of product, labour and capital markets and measures to deepen the Internal Market. On external issues, the need for the euro area to project a strong voice on the world economic stage is emphasised in view of the growing importance of the euro as a global currency and the challenges posed by, inter alia, global imbalances.
Author | : Athanasios Orphanides |
Publisher | : |
Total Pages | : 37 |
Release | : 2017 |
Genre | : |
ISBN | : 9789279649110 |
Download The Fiscal-monetary Policy Mix in the Euro Area Book in PDF, ePub and Kindle
This paper explores the reasons for the suboptimal fiscal-monetary policy mix in the euro area in the aftermath of the global financial crisis and ways in which the status quo can be improved. A comparison of fiscal and monetary policies and of economic outcomes in the euro area and the United States suggests that both fiscal and monetary policy in the euro area have been overly tight. Fiscal policy has been hampered by the institutional framework which constrains individual states and lacks instruments to secure an appropriate aggregate stance. ECB monetary policy has been hampered by the distributional effects of balance sheet policies which needed to be adopted at the zero lower bound, and by discretionary decisions taken before the crisis such as the reliance on credit rating agencies for determining collateral eligibility for monetary operations. The compromising of the "safe asset" status of euro area sovereign debt during the crisis complicated fiscal and monetary policy. Changes in the discretionary decisions governing the implementation of monetary policy in the euro area can potentially reduce the distributional effects of policy and improve the fiscal-policy mix and longerterm prospects for the euro area.
Author | : Stephen Pickford |
Publisher | : Chatham House |
Total Pages | : 56 |
Release | : 2015-01-31 |
Genre | : Business & Economics |
ISBN | : 9781784130138 |
Download How to Fix the Euro Book in PDF, ePub and Kindle
The global economic and financial crisis that started in 2007 exposed serious flaws in the euro's original design. This report examines why Europe's economic and monetary union was so badly affected by the crisis, and assesses whether further changes need to be made to the structure of economic governance that underpins it. A Chatham House, Elcano and AREL Report
Author | : Maria Demertzis |
Publisher | : |
Total Pages | : |
Release | : 2019 |
Genre | : |
ISBN | : |
Download Promoting Sustainable and Inclusive Growth and Convergence in the European Union Book in PDF, ePub and Kindle
The European Union can look ahead at the next five years from a good economic position. Employment is comparatively high, the recovery has been uninterrupted for several years and income inequality remains less pronounced than elsewhere in the world. But the EU faces nevertheless formidable economic challenges. In the short-term, there is the potential for strong macroeconomic weakening, resulting partly from uncertainty generated by the global trade conflict. The EU also has a long-term growth and productivity weakness. Finally, the EU, especially the euro area, suffers from a lack of convergence and its social cohesion is threatened. the EU must put together a European growth strategy that focuses on innovation while addressing climate change and improving social cohesion. Growth requires investment, research and innovation. While the current debate on industrial policy is welcome, the EU should be careful to maintain, or even improve, the conditions for growth in Europe and must avoid falling into the protectionism trap. To achieve its climate goals, the EU must ensure that its consumption and its production become greenhouse-gas emission neutral by 2050 or earlier, implying a massive transformation of all economic activities. This will pose major economic and social challenges. Distributional concerns will therefore have to figure prominently in this transformation. More generally, the benefits of growth need to be distributed more fairly in our societies. While social policy is and should remain a national responsibility, the EU needs to ensure that the single market, a key asset to promote growth and economic well-being, does not undermine the ability of countries to raise taxes on capital income, wealth and inheritance. A rising tax burden on the working middle class might have already become incompatible with Europe's social market economy. convergence in the eu and in the euro area is a necessity: the European growth strategy cannot be blind to sustained regional growth differences. An EU in which economic growth does not spread through all of its major regions will be politically challenged. The paradox is that many of the policy instruments to address this problem remain in the hands of national policymakers, even though the way they use them has significant implications for the rest of the EU. The EU supports convergence through its budget and technical support but the fundamentals of this paradox remain. In the euro area, further measures are needed to address some of the systemic causes of divergence. In particular, it is imperative to complete banking union and for capital markets to become more integrated, since a well-functioning financial system is fundamental for growth. A euro-area safe asset would bring benefits but is difficult to establish. EU fiscal rules need to be reformed to improve the macroeconomic management of the euro area. A euro-area budget and more responsive national fiscal policies are important tools to better respond to cyclical downturns. Finally, the relationship between the euro area and non-euro area countries needs to be addressed.