Structural Reforms In The Euro Area
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Building A Better Union
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Author : Angana Banerji
language : en
Publisher: International Monetary Fund
Release Date : 2015-09-11
Building A Better Union written by Angana Banerji and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-09-11 with Business & Economics categories.
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.
Structural Reforms In The Euro Area
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Author : Luc Everaert
language : en
Publisher: International Monetary Fund
Release Date : 2006-06
Structural Reforms In The Euro Area written by Luc Everaert and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-06 with Business & Economics categories.
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.
Strengthening The Euro Area
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Author : Mr.John C Bluedorn
language : en
Publisher: International Monetary Fund
Release Date : 2019-06-17
Strengthening The Euro Area written by Mr.John C Bluedorn and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-17 with Business & Economics categories.
Cross-country differences in economic resilience—in an economy’s ability to withstand and adjust to shocks—remain significant in the euro area. In part, the differences reflect the lack of a national nominal exchange rate as a mechanism to adjust to shocks. The IMF staff has argued that union-wide architectural changes such as the banking union, the capital markets union, and a central fiscal capacity can help foster greater international risk sharing. Yet even these changes cannot insure against all shocks. National policies thus have a vital role to play. This IMF staff discussion note analyzes how national structural policies can help euro area countries better deal with economic shocks. Using a mix of empirical and modeling approaches, the note finds that growth-enhancing reforms to labor and product market regulations, tailored to country-specific circumstances, would help individual euro area economies weather adverse shocks. Higher-quality insolvency regimes are associated with more efficient factor reallocation following a shock. The note also finds that structural and cyclical policies interact. Greater rigidities make economies more fragile, putting a higher burden on fiscal policy. This is especially true for members of a monetary union. Countries should build fiscal space in good times and tackle rigidities, reducing their need for countercyclical policies in bad times while making countercyclical policies more effective when deployed.
Economic Spillovers Structural Reforms And Policy Coordination In The Euro Area
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Author : Bas van Aarle
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-10-31
Economic Spillovers Structural Reforms And Policy Coordination In The Euro Area written by Bas van Aarle and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-10-31 with Business & Economics categories.
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.
Monetary Policy And Structural Reforms In The Euro Area
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Author : Ad van Riet
language : en
Publisher:
Release Date : 2017
Monetary Policy And Structural Reforms In The Euro Area written by Ad van Riet and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
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.
Structural Reforms For Growth And Cohesion
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Author : Ewald Nowotny
language : en
Publisher: Edward Elgar Publishing
Release Date : 2018-10-26
Structural Reforms For Growth And Cohesion written by Ewald Nowotny and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-10-26 with Business & Economics categories.
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.
Promoting Structural Reforms In The Euro Area
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Author : Eulalia Rubio
language : en
Publisher:
Release Date : 2014
Promoting Structural Reforms In The Euro Area written by Eulalia Rubio and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Euro categories.
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.
The Political Economy Of Structural Reforms In Europe
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Author : Nauro F. Campos
language : en
Publisher: Oxford University Press
Release Date : 2018-07-04
The Political Economy Of Structural Reforms In Europe written by Nauro F. Campos and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-07-04 with Business & Economics categories.
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.
Fiscal Consolidation In The Euro Area How Much Can Structural Reforms Ease The Pain
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Author : Mr.Derek Anderson
language : ru
Publisher: International Monetary Fund
Release Date : 2013-10-16
Fiscal Consolidation In The Euro Area How Much Can Structural Reforms Ease The Pain written by Mr.Derek Anderson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-16 with Business & Economics categories.
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.
Fiscal Consolidation In The Euro Area
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Author : Mr.Derek Anderson
language : en
Publisher: International Monetary Fund
Release Date : 2013-10-16
Fiscal Consolidation In The Euro Area written by Mr.Derek Anderson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-16 with Business & Economics categories.
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.