Euro Area Policies: 2013 Article IV Consultation

July 25, 2013

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Format: Chicago

Euro Area Policies: 2013 Article IV Consultation, (USA: International Monetary Fund, 2013) accessed March 14, 2025

Summary

This staff paper on euro area policy 2013 Article IV Consultation discusses economic development and policies. Severe market stresses have subsided, although private borrowing costs have remained too high in the periphery. In these economies, sovereign borrowing costs have declined from unsustainable levels. This has led to slightly lower private borrowing costs, spurring bond issuance among some banks, and firms. Capital flight has gradually eased, bank deposits have stabilized, and Target 2 imbalances have narrowed. This has contributed to some early repayment of official liquidity support by stronger banks, though largely from core countries. Still, periphery bank risks are significantly higher than in the core.

Subject: Bank resolution framework, Banking, Competition, Credit, Financial crises, Financial markets, Financial statements, Labor, Labor markets, Money, Public financial management (PFM)

Keywords: Bank balance, Bank resolution framework, Bond yield, Competition, CR, Credit, Current account, Financial market, Financial statements, Global, Interest rate, ISCR, Job creation, Labor market, Labor markets, Monetary policy, Output gap, Private sector, Structural adjustment, Unemployment rate

Publication Details

Pages:

46
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/231
Stock No:

1EUREA2013012
ISBN:

9781484372623
ISSN:

1934-7685

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