Quantifying the effect of financial conditions in the Euro Area, Japan, United Kingdom and United States

This paper constructs a broad measure of financial conditions for the United States, Japan, the Euro Area and the United Kingdom, by extending monetary condition indices which are traditionally used to gauge the impact of monetary policy on the economy.

Economic Policy Reforms: Going for Growth 2009 - European Union Country Note

This note, taken from Chapter 3 of Economic Policy Reforms: Going for Growth 2009, contains information about the progress in implementing reforms in line with the 2008 priorities for the European Union.

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Financial market stability in the European Union: Enhancing regulation and supervision

Although the European authorities should be commended for the progress they have made in updating and improving frameworks and responding to the financial turmoil, more can be done.

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Economic Survey of the Euro Area 2009

The first decade of the Economic and Monetary Union (EMU) has been a success, but the onset of recession amid ongoing financial turmoil has created new challenges.

Economic Survey of the Euro Area 2009: Financial market stability: enhancing regulation and supervision

Financial integration and development raise the likelihood of cross-border financial contagion. Further improvements are needed to European regulatory and supervisory frameworks to ensure financial stability.

Economic Survey of the Euro Area 2009: Key Challenges

The onset of recession amid tumbling inflation and continued financial market turmoil is posing considerable challenges for macroeconomic policy and ECB financial market operations.

Economic Survey of the Euro Area 2009: Fiscal Policy

The economic downturn and the financial turmoil are intensifying fiscal pressures. In the longer-term, progress towards fiscal sustainability and improving the quality of the public finances remain priorities.

Economic Survey of the Euro Area 2009: Financial integration, innovation and the monetary policy transmission mechanism

Financial innovation and market integration have deepened linkages between euro area markets and institutions, possibly affecting the speed and channels of area-wide monetary policy transmission.

Policy Brief: Economic Survey of the Euro Area, 2009

After a sustained period of good macroeconomic performance, new challenges have emerged for the euro area economy. Output growth moderated through 2007 and continued to lose momentum through 2008, with GDP declining in both the second and third quarters of the year. The slowdown has been compounded by the international financial market turmoil that began in August 2007 and intensified in September 2008. World economic activity has

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Nigel Pain, OECD Senior Economist, on the Challenges facing the Euro Area Economy

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