Euro Area Policies: Staff Report for the 2014 Article IV Consultation With Member Countries
IMF Staff Country Reports, July 14, 2014
Source details
- Canonical URL
- Euro Area Policies: Staff Report for the 2014 Article IV Consultation With Member Countries
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Bibliographic details
- Published: July 14, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498342865.002
Summary findings
- Real output has expanded for four consecutive quarters.
- Financial market sentiment has improved markedly.
- Complementary policy actions have supported demand, boosted investor confidence, and eased financial conditions.
- At the national level, governments have made further progress repairing sovereign and bank balance sheets and implementing structure reforms to restore competitiveness.
- At the area-wide level, the ECB has taken a wider range of measures to support demand and address fragmentation.
- Over the medium term, there is a risk of stagnation, which could result from persistently depressed domestic demand owing to deleveraging, insufficient policy action, and stalled structural reforms.
Key themes and risks
- Banking and financial stability
- Progress reported in repairing sovereign and bank balance sheets.
- Financial market sentiment has improved markedly, supporting market functioning.
- Demand and monetary policy
- Complementary policy actions have supported demand and eased financial conditions.
- The ECB has implemented a wider range of measures to support demand and address fragmentation across the euro area.
- Structural reforms and competitiveness
- National-level structural reforms continue to be implemented to restore competitiveness.
- Stalled structural reforms are identified as a contributor to medium-term stagnation risk.
- Labor market and inflation
- Topics covered include unemployment and unemployment rate, labor, prices, headline inflation.
Subjects and keywords
- Subjects: Banking, Financial crises, Financial statements, Inflation, Labor, Prices, Public financial management (PFM), Unemployment, Unemployment rate
- Keywords: area trade, CR, ECB interest rates, EU level, euro, financial market sentiment, Financial statements, Global, headline inflation, Inflation, ISCR, lending, market, market growth, sentiment, support lending, Unemployment, Unemployment rate
International Monetary Fund. Euro Area Policies: Staff Report for the 2014 Article IV Consultation With Member Countries, July 14, 2014.
Content in this bundle
- Investment in the Euro Area: Why has it been Weak?