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The euro area financial system took excessive risks during the global credit boom, which in some countries led to an unsustainable increase in credit, higher asset prices and housing booms.
This paper describes the dynamics of the external positions of euro area countries since the formation of EMU.
The euro area is recovering from a severe recession. The build-up of large economic, fiscal and financial imbalances poses a major challenge. A new cross-cutting approach to these policy areas, together with structural reforms, is now required to make national economies more stable.
This study analyses the impact of economic catching up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe.
Higher oil prices and the prospect of higher borrowing costs are likely to reduce the productive potential of OECD economies. The present study provides illustrative numerical estimates of the impact under different scenarios using a stylised model based on a production function.
European energy policy faces a number of interrelated challenges, including making the transition to a low–carbon economy, increasing cross–border competition in electricity and gas markets and diversifying Europe’s energy supply.
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This note is taken from Chapter 3 of Economic Policy Reforms: Going for Growth 2010.
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External links to: recent economic data; current interest rates and exchange rates; latest macroeconomic reports; current outlook and projections; government budget information; speeches; relevant sites.
Progress in raising research and innovation efforts in Europe has been slow. Measurement and evaluation of innovation outcomes and policies should be enhanced and a fully integrated European Research Area developed.
The single market programme has already brought long–term benefits, but more can be done to enhance competitive pressures and ensure proper implementation of single market rules.