Euro Area Policies: Staff Report

August 3, 2005

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Format: Chicago

Euro Area Policies: Staff Report, (USA: International Monetary Fund, 2005) accessed December 26, 2024

Summary

This paper focuses on euro area policies. The monetary policy stance remains appropriate for now. Fiscal policies are falling well short of consolidation requirements, and the area remains insufficiently prepared for the looming demographic shock. Past fiscal policy failures, notably insufficient adjustment during economic upswings, have strained the Stability and Growth Pact (SGP) and EMU’s fiscal framework. IMF staff has welcomed certain elements of flexibility in the SGP reforms while regretting the vagueness and open-endedness of others. Center-led structural reform programs have struggled to deliver.

Subject: Employment, Inflation, Labor, Macrostructural analysis, Oil prices, Price stabilization, Prices, Structural reforms

Keywords: Appreciation, Appreciation pressure, Area trade, CR, EU trade policy, Euro, Europe, Global, Headline inflation, Inflation, ISCR, Medium term objective, Oil price development, Oil prices, Price, Price competitiveness, Price stabilization, Product market, Structural reforms

Publication Details

Pages:

63
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2005/265
Stock No:

1EUREA2005001
ISBN:

9781451813012
ISSN:

1934-7685

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