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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.
The onset of recession amid tumbling inflation and continued financial market turmoil is posing considerable challenges for macroeconomic policy and ECB financial market operations.
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.
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.
Nigel Pain, OECD Senior Economist, on the Challenges facing the Euro Area Economy
According to Mr. Gurría, the first decade of Economic and Monetary Union (EMU) has been a success, but the onset of recession amid ongoing financial turmoil has created new challenges for monetary and fiscal policy implementation, liquidity management and the regulation and supervision of European financial institutions.
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This note, taken from Chapter 2 of Economic Policy Reforms: Going for Growth 2007, contains information about the progress in implementing reforms in line with the 2006 priorities for the European Union.
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This note, taken from Chapter 2 of Economic Policy Reforms: Going for Growth 2006, contains information about the progress in implementing reforms in line with the 2005 priorities for the European Union.
In addition to passing of legislation or other decisions to implement reforms, the note records earlier stages of reform, such as government announcements and draft legislation presented to parliaments.
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This note, taken from Chapter 3 of Economic Policy Reforms, focuses on key structural policy priorities for the European Union, supported by a comparative analysis of the indicators in Chapter 2. The note also presents individual structural indicators of economic and labour market performance as well as comparative indicators for the key policy priorities listed.
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The introduction of the euro on the 1st of January 1999 makes a complete set of macroeconomic statistics for the euro area essential for macroeconomic analyses of the area. Eurostat and the European Central Bank (ECB) already produce certain na...