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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.
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
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 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.
Updated continuously. Includes population and employment in persons (national concept), employment in persons by industry (domestic concept) and employment in full-time equivalents by industry (domestic concept) from 1970 to latest available. Source: OECD Annual National Accounts Database .
Notes to statistical annex tables 38-54, Sources and Methods of the OECD Economic Outlook.
The OECD projections are conditional on a set of technical assumptions, which comprises: unchanged exchange rates, as of a given date; unchanged fiscal and monetary policies; and a projected path of oil and non-oil commodity prices.
Bibliography of the Sources & Methods of the OECD Economic Outlook.