Euro Area Policies: Staff Report for the 2012 Article IV Consultation with Member Countries
International Monetary Fund, Jul 18, 2012 - Business & Economics - 52 pages
The 2012 Article IV Consultation report on euro area policies highlights that investors are withholding funding from member states most in need, moving capital “north” and abroad to perceived safer assets. Executive Directors have noted that the euro area continues to face a number of economic challenges amid increasing financial stresses and market fragmentation. Directors have also stressed that it is important that policymakers continue to demonstrate shared and unequivocal commitment—with a clear, credible roadmap—to a deeper integration of the euro area.
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WEAK OUTLOOK WITH SUBSTANTIAL RISKS
THE IMPLICATIONS FOR POLICY
THE AUTHORITIES VIEWS
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Article IV consultation assets authorities balance sheet bank and sovereign bank resolution banking union capital collateral competitiveness confidence CPPIs cross-border currency areas current account debt deficit economies downside risks Economic Outlook database effective EFSF/ESM ensure euro area banks euro area countries European European Central Bank Eurostat Eurosystem Eurozone external imbalances feedback loops financial markets financial stability firewall fiscal adjustment Fiscal Compact fiscal consolidation fiscal integration fiscal risk sharing ﬂexibility framework further global IMF staff calculations implementation increase inﬂation interest rate international investment position International Monetary Fund labor market lending rates liquidity long-term LTROs macroeconomic medium-term monetary policy monetary union percent of GDP periphery countries policy rate Portugal real economy reduce reﬂecting sector Selected Issues Paper single supervisory mechanism Sources sovereign bond sovereigns and banks Spain spillovers staff report statistics strengthen structural reforms targets World Economic Outlook