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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addition bank lending banking union Billions of euros capital collateral competitiveness core inflation credible crisis management crisis response current account debt deficit economies deposit guarantee scheme deposit insurance deteriorate domestic demand downside risks ECB funding ECB policy rate effective EFSF/ESM ensure euro area banks euro area countries European European Commission European Union Eurostat Eurosystem external imbalances Financial derivatives financial market fiscal adjustment fiscal consolidation fiscal integration fiscal risk sharing fiscal targets fiscal union flexibility global governance Greece haircut IMF staff calculations Implement improve increase interest rate INTERNATIONAL MONETARY FUND June 28-29 summit labor market reforms lending rates liquidity risk long-term LTROs medium-term monetary policy pass-through percent of GDP periphery Portugal product market reforms recapitalization reduce resolution frameworks revenue Selected Issues Paper short run SMP purchases Sources sovereign bond spillovers stability statistical Strengthen structural substantial unit labor costs weakened World Economic Outlook