EMU [electronic resource]: One Year on / Organisation for Economic Co-operation and Development
- Corporate Author:
- Organisation for Economic Co-operation and Development
- Paris : OECD Publishing, 2000.
- Physical Description:
- 194 p.
- Restrictions on Access:
- License restrictions may limit access.
- I. Recent Developments and Prospects in the Euro Area -- Growth slowed in 1998, but has regained strength since -- Employment has become more responsive to output grwoth, but unemployment is still very high -- Inflation has troughted and is picking up -- Near-term prospects -- II. Monetary Policy and Financial Stability -- -Accomodative monetary conditions -- Gaining experience with the new rules -- Remaining monetary transmission asymmetries -- The spreading usage of the euro -- Financial fragilities and supervision -- III. Fiscal Policy in the Short and Longer Run -- -Stability and convergence programmes: first generation and updates -- The fiscal stance: gradual tightening to provide room for the automatic stabilisers -- Medium and long-run fiscal challenges: working down high debts and coping with ageing -- IV. Market Structure and Macroeconomic Performance -- -The sources of growth in the euro area -- Institutions and the transmission of shocks -- Macro policies in the presence of market rigidities -- Market integration, structural reform, and the role of the EMU -- Glossary of Acronyms -- Annex I. The Machinery of Policy-Making -- Annex II. Enlargement -- Annex III. The Mergers and Acquisitions Boom -- Annex IV. Institutions and the Transmission Mechanism: Analytical Framework -- Annex V. Institutions and Structural Policies -- Annex VI. The Width of Intra-European Borders -- Annex Notes
- Europe's single currency was launched a bit more than a year ago for eleven of the fifteen countries of the Union. This study assesses economic developments and policies during the inaugural year of the new regime. It analyses the economic performance and prospects of the euro area as a whole, and highlights to what extent aggregate trends are shaped by convergence or divergence at national or regional levels. Macroeconomic policies are discussed in depth. The common monetary policy carried out by the Eurosystem and the underlying framework are scrutinised, as is the co-ordination of national fiscal policies against the background of the Stability and Growth Pact. A special chapter is devoted to the links between structural features and policies on the one hand and macroeconomic performance on the other. It argues that broad-based and properly designed structural reforms would boost Europe's economic potential significantly and ease macroeconomic policy trade-offs. A number of highly topical issues are addressed, such as: - How fast is growth picking up and unemployment declining in the euro area? - Why did the euro weaken in 1999 and does it matter? - How effectively was monetary policy conducted? - What degree of fiscal prudence is needed over the next few years? - Which rigidities continue to stunt growth in Europe? This is the second OECD study on EMU, following the one published in early 1999 under the title EMU: Facts, Challenges and Policies.
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