Overview

The euro area has experienced an unprecedented economic downturn and exceptional financial market turmoil in the past few years. Policymakers have faced the twin challenges of addressing cyclical economic weakness not unlike other industrial countries following the global economic crisis and the underlying weaknesses in the architecture of the currency union, weaknesses that appear to have been masked during the first relatively calm years of Economic and Monetary Union (EMU). Among member states, many structural weaknesses were exposed when economic performance declined significantly and financial markets became more discerning.This book focuses on the analytical underpinnings of real-time policy advice given to euro area policymakers during three cycles of the IMF's annual Article IV consultations (2012-14) with euro area authorities

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9781498305532

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The Fund has actively made suggestions about how to reinforce the institutional architecture of the EMU, advocating in particular more financial and fiscal integration. This book presents a vivid example of FUnd staff contributions of pertinent advice to euro area policymakers based on sound analytical underpinnings reflecting broad cross-country experiences. - Peter Praet, Member of the Executive Board, European Central Bank

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