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Structural Reforms In The Euro Area
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Book Synopsis Building a Better Union by : Angana Banerji
Download or read book Building a Better Union written by Angana Banerji and published by International Monetary Fund. This book was released on 2015-09-11 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The momentum for structural reforms is waning in the euro area at a time when even faster progress is needed to boost productivity and growth, achieve real economic convergence, and improve the resilience of the monetary union. What can the European Union (EU) institutions do to bridge this divide? This paper argues for greater simplicity, transparency and accountability in the EU governance framework for structural reforms. Our three interrelated proposals—“outcome-based” benchmarking; better use of existing EU processes to strengthen oversight and reduce discretion; and improved financial incentives—could help advance reforms. Ex post monitoring by an independent EU-level “structural council” and ex ante policy innovation by national productivity councils could strengthen accountability and ownership. Deeper governance reforms should be considered in the medium-term with a view toward a greater EU role in promoting convergence.
Book Synopsis Structural Reforms in the Euro Area by : Luc Everaert
Download or read book Structural Reforms in the Euro Area written by Luc Everaert and published by International Monetary Fund. This book was released on 2006-06 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using the IMF's Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most of these gains accrue to the reforming country regardless of whether reform takes place elsewhere; conversely, spillovers of reform elsewhere are limited. Labor and services market reforms have transitional costs as they induce a temporary decline in consumption, but raising competition in goods markets can mitigate some of these costs. Thus, coordinating the timing of reforms across markets is beneficial, and the more so the more open the reforming economy. In addition, synchronizing structural reforms across large countries of the euro area could eliminate transition costs. Increased supply would allow monetary policy to ease without jeopardizing price stability objectives, though in practice uncertainty may prevent full accommodation.
Book Synopsis Strengthening the Euro Area by : Mr.Romain A Duval
Download or read book Strengthening the Euro Area written by Mr.Romain A Duval and published by International Monetary Fund. This book was released on 2019-06-13 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SDN will focus mostly on EA countries but also touch on other AEs for comparison purposes. The SDN will make several original contributions in each of the areas above based on new DSGE-model-based analysis, cross-country panel regressions, and individual-level (firm- or household-level) empirical work where appropriate.
Book Synopsis Structural Reforms for Growth and Cohesion by : Ewald Nowotny
Download or read book Structural Reforms for Growth and Cohesion written by Ewald Nowotny and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Effective and well-designed structural reforms are key to shaping Europe's future in the context of the formidable challenges facing the continent today. This book examines the achievements and failures of past structural policies so that future ones can be adapted to address remaining and newly emerging challenges with greater success. Highlighting the social aspects and distributional effects of reforms that go beyond liberalization and deregulation, the book covers key issues facing future Europe, particularly those arising from technological innovation.
Book Synopsis After the Crisis by : Francesco Caselli
Download or read book After the Crisis written by Francesco Caselli and published by Oxford University Press. This book was released on 2016 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: The volume discusses the way forward for European countries as they face the challenges of a period of protracted growth in the wake of the economic and sovereign debt crisis.
Book Synopsis The Political Economy of Structural Reforms in Europe by : Nauro F. Campos
Download or read book The Political Economy of Structural Reforms in Europe written by Nauro F. Campos and published by Oxford University Press. This book was released on 2018-07-04 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: Reforms in labour and product markets play a central role in government policies. The Political Economy of Structural Reforms in Europe takes stock of current frontier work. It brings together leading contributions from academia, the central banks in Europe, and the OECD to argue that structural reforms can make a fundamental contribution to improve economic performance across Europe. The Political Economy of Structural Reforms in Europe brings together theoretical and empirical studies that address the potential role of structural reforms in restoring macroeconomic stability, resuming economic growth, addressing income inequality, and grappling secular stagnation. It throws new light on the determinants and effects of structural reforms and on how these shape the European integration experience.
Book Synopsis Economic Crisis and Structural Reforms in Southern Europe by : Paolo Manasse
Download or read book Economic Crisis and Structural Reforms in Southern Europe written by Paolo Manasse and published by Routledge. This book was released on 2017-12-12 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years the countries of southern Europe have undergone, with varying intensity, a serious and prolonged economic crisis. Most have had to implement comprehensive economic adjustment programmes, including a wide range of structural reforms. Economic Crisis and Structural Reforms in Southern Europe examines these reforms, drawing policy lessons from their successes and failures. This book employs two basic strands of analysis: issues of policy design, and political economy considerations. It considers the choice of timing and sequencing of reforms, the choice of the appropriate policy instruments, the pressure of interest groups and the political calculations involved in reforms. Featuring chapters in which contributors explore both national cases of specific structural reforms, and a comparative approach in order to evaluate similar reforms across countries, this important and topical work explores ongoing issues within the economy. Focusing on the challenges of designing and implementing structural reforms under conditions of crisis, this book will be of interest to policy makers and researchers from national and international organizations as well as academics and members of research institutes interested in the economics and politics of the Eurozone crisis.
Book Synopsis Structural Reforms by : Jakob de Haan
Download or read book Structural Reforms written by Jakob de Haan and published by Springer. This book was released on 2018-03-22 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a selection of contributions on the timely topic of structural reforms in Western economies, written by experts from central banks, the International Monetary Fund, and leading universities. It includes latest research on the impacts of structural reforms on the market economy, especially on the labor market, and investigates the results of collective bargaining in theory and practice. The book also comprises case studies of structural reforms. A literature survey on the topic serves as a valuable source for further research. The book is written by and targeted at both academics and policy makers.
Book Synopsis The Pursuit of Stability of the Euro Area as a Whole by : Luca Lionello
Download or read book The Pursuit of Stability of the Euro Area as a Whole written by Luca Lionello and published by Springer Nature. This book was released on 2019-10-14 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyses the ongoing reform of the European economic union in the light of the new objective of ‘stability of the euro area as a whole’ in Article 136(3) TFEU. On the basis of the relevant legal sources, it qualifies this objective as the obligation to preserve the existence of the monetary union, the establishment of which was an EU goal laid down in Article 3(4) TEU. While to date the objective has been achieved through fiscal and macroeconomic consolidation in the member states and the activation of stabilisation mechanisms in cases of emergency, the book argues that full stability requires a better system of economic governance, either through a process of partial fiscal centralisation or the return to a more efficient and sustainable market discipline of public finances. It also analyses the concrete legal challenges these raise, including compliance with the conferral principle, the longstanding democratic deficit of the governance and the balance between financial solidarity and fiscal responsibility.
Book Synopsis Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area by : Bas van Aarle
Download or read book Economic Spillovers, Structural Reforms and Policy Coordination in the Euro Area written by Bas van Aarle and published by Springer Science & Business Media. This book was released on 2007-10-31 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book analyzes economic interdependence in the Euro Area. It offers expert estimates of the sign and size of economic spillovers. Moreover, the authors explore the impact of economic policy coordination on economic performance in the Euro Area. Among the many topics explored are the link between fiscal and monetary policies in the Euro Area and the coordination of fiscal policies and of structural reforms.
Book Synopsis Fiscal Consolidation in the Euro Area: How Much Can Structural Reforms Ease the Pain? by : Mr.Derek Anderson
Download or read book Fiscal Consolidation in the Euro Area: How Much Can Structural Reforms Ease the Pain? written by Mr.Derek Anderson and published by International Monetary Fund. This book was released on 2013-10-16 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF’s Global Integrated Monetary and Fiscal model (GIMF) is used to examine the scope for structural reforms in the euro area to offset the negative impact of fiscal consolidation required to put public debt back on a sustainable path. The results suggest that structural reforms in core countries could quite reasonably be expected to offset the near term negative impact on activity arising from the required fiscal consolidation that uses a plausible mix of instruments to achieve the permanent improvement in the deficit. However, for the periphery, where the required consolidation is roughly twice as large as that required in the core, the results suggest that it would take several years before structural reforms could return the level of output back to its pre-consolidation path.
Author :International Monetary Fund. European Dept. Publisher :International Monetary Fund ISBN 13 :1484312376 Total Pages :94 pages Book Rating :4.4/5 (843 download)
Book Synopsis Euro Area Policies by : International Monetary Fund. European Dept.
Download or read book Euro Area Policies written by International Monetary Fund. European Dept. and published by International Monetary Fund. This book was released on 2017-07-25 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on the convergence performance of euro area countries before and after euro introduction. The analysis compares per capita incomes across countries, both for the initial group of twelve countries that adopted the euro before 2002 (the so-called EA-12) as well as the current group of 19 euro area members (EA-19). The convergence process has stalled since the introduction of the euro, except for new euro area members which reduced their income gaps vis-à-vis the founding members until their adoption of the common currency. The convergence of income levels is not a prerequisite for a functioning monetary union, but has been considered an important objective of the European economic integration process. Lagging productivity growth in countries with lower initial GDP per capita is found to be the main explanation for the lack of convergence, suggesting that structural reforms can help to restart the convergence process.
Book Synopsis Lifting Euro Area Growth: Priorities for Structural Reforms and Governance by : Céline Allard
Download or read book Lifting Euro Area Growth: Priorities for Structural Reforms and Governance written by Céline Allard and published by INTERNATIONAL MONETARY FUND. This book was released on 2010-11-22 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: To live up to its growth potential and secure its inclusive social model, the euro area must make better use of its available labor. In the aftermath of the crisis, boosting growth is essential to prevent unemployment from becoming a long-term problem and to facilitate the return to fiscal sustainability. Labor utilization in the euro area has been lagging considerably behind its best performing peers. While fewer hours worked may, to some extent, reflect a social choice, higher unemployment rates and lower participation rates, on the other hand, cannot easily be attributed to individual preferences. Here, policies and institutions matter more. And there is little excuse for relatively low labor productivity, a particular bane in southern Europe and an increasing challenge everywhere. Kick-starting growth requires a comprehensive approach to labor and service market reforms. Different circumstances call for different approaches across countries. Countries in southern Europe need to focus on regaining competitiveness, while some in the core should promote higher labor force participation or more open service sector markets. Improving access to the labor market should be high on the priority list everywhere-including through some harmonization of key features of the labor market, which will help deal with intra-euro area imbalances. Differences in labor taxation, unemployment benefit systems, and employment protection will need to be reduced. Improving regulation and reforming taxes and social benefits will be essential to make inroads. For the longer term, focus should be on innovation, education, and on continuing financial sector reforms.
Book Synopsis Monetary Policy and Structural Reforms in the Euro Area by : Ad van Riet
Download or read book Monetary Policy and Structural Reforms in the Euro Area written by Ad van Riet and published by . This book was released on 2017 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this contribution is to give a broad-based account of the possible interactions between the ECB's monetary policy, on the one hand, and structural policies in the euro area, on the other. While it does not provide a model-based framework, the aim is to present in a qualitative manner the most relevant channels. Two questions will be addressed in this context. The first question is how structural reforms may affect the conduct of monetary policy in the euro area. The second question is how, in turn, the euro area's monetary policy through its consistent focus on maintaining price stability supports the reform process and, thereby, the realisation of the Lisbon agenda. Finally, this contribution emphasises the urgency of further structural reforms in Europe.
Book Synopsis Better Policies Euro Area: Economic Challenges and Policy Recommendations by : OECD
Download or read book Better Policies Euro Area: Economic Challenges and Policy Recommendations written by OECD and published by OECD Publishing. This book was released on 2014-02-14 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an overview of the key challenges currently faced in the Euro Area and OECD's main policy recommendations to address them.
Book Synopsis Fiscal Consolidation in the Euro Area by : Mr.Derek Anderson
Download or read book Fiscal Consolidation in the Euro Area written by Mr.Derek Anderson and published by International Monetary Fund. This book was released on 2013-10-16 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF’s Global Integrated Monetary and Fiscal model (GIMF) is used to examine the scope for structural reforms in the euro area to offset the negative impact of fiscal consolidation required to put public debt back on a sustainable path. The results suggest that structural reforms in core countries could quite reasonably be expected to offset the near term negative impact on activity arising from the required fiscal consolidation that uses a plausible mix of instruments to achieve the permanent improvement in the deficit. However, for the periphery, where the required consolidation is roughly twice as large as that required in the core, the results suggest that it would take several years before structural reforms could return the level of output back to its pre-consolidation path.
Book Synopsis Promoting Structural Reforms in the Euro Area by : Eulalia Rubio
Download or read book Promoting Structural Reforms in the Euro Area written by Eulalia Rubio and published by . This book was released on 2014 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the moment when a new EU leadership is taking office and new policy priorities are being discussed, talks about the need to encourage structural reforms in euro area economies are reviving with force. There is however much confusion on why it is so important right now to promote reforms in the euro area and what would be the best mechanism to do so. This Policy paper by Eulalia Rubio distinguishes between three different rationales to promote reforms in the euro area: 1. improving the competitiveness of the euro area as a whole, 2. enhancing the euro area's capacity to adjust to shocks 3. and reducing intra-euro competitiveness gaps. The Policy paper discusses the relevance of these three objectives in today's EMU and analyses which policy response would be more appropriate to address each of them. Three main conclusions derive from this analysis. First, the costs of reforms are not fully recognised in the implementation of the stability and growth pact, particularly for countries under the corrective arm of the pact. To improve the competitiveness of the euro area, a more direct link should be made between efforts of reform and the extension of deadlines for deficit correction. Second, while there is a clear case for inducing euro area countries having excessive market rigidities to reform, monetary incentives do not seem the most appropriate tool to do so. To effective incentive to reform would be establishing minimum requirements of market flexibility and openness to competition as a pre-condition to member states' participation into a future euro area fiscal stabilisation mechanism. Third, non-cost competitiveness factors - and particularly, the quality of public institutions - account for an important part of the current intra-euro competitiveness divide. To close this divide, there is a case to accompany current efforts of 'internal devaluation' with an EU action aimed at supporting public governance reforms in peripheral countries.
