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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.
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.
English, , 400kb
Korea has been hard-hit by the commodity price shock and the global financial crisis, which have slowed economic activity and pushed up inflation. The terms-of-trade loss reduced national income, thus damping domestic demand, while the slowdown in world trade has moderated Korea’s export growth. Moreover, the sharp exchange rate depreciation and the intensification of the global financial market crisis have further dimmed the outlook.
Korean, , 432kb
한국은 경제활동을 위축시키고 물가인상을 압박하는 원자재 가격인상과 글로벌 금융위기로 인하여 어려움을 겪고 있다. 교역조건의 악화는 국민소득의 감소와 이에 따른 내수부진을 초래하고 있으며 전세계적인 무역 침체는 한국 수출을 둔화시키고 있다. 또한 급격한 환율 상승과 국제 금융위기의 심화는 경제전망을 더욱 더 어둡게 하고 있다. 최근의 재정지출을 통한 경기부양은 경제성장에 도움이 되겠지만 전반적인 한국경제의 재도약은 세계경제의 회복에 달려있다고 할 것이다. 한국은 이러한 단기적인 어려움과 함께 중기적으로도 지속가능한 경제성장을 달성하는데 있어 세제개혁, 서비스산업의 생산성 제고, 노동시장과 교육제도의 개혁 등 여러 가지 도전에 직면해 있다.
거시경제정책의 운용이 어려운 상황이다. 단기간으로 보면 통화정책은 경제활성화 지원과 금융시장 안정에 집중하여야 한다. 원화가치 지지를
English, , 328kb
The US economy is going through an exceptionally difficult period after having beenhit by converging adverse developments, some in reaction to previous excessesduring the upswing, others more exogenous. A sharp downturn in the housingmarket, a financial crisis and temporarily high commodity prices have caused activity to slow sharply during 2008. This happened at a time when the external position was persistently weak and the fiscal
The US economy is facing a serious financial crisis and is in recession. Measures are being taken to combat the financial crisis and support the economy. Reforms are needed to strengthen financial market regulation and extend health insurance coverage.
English, , 282kb
Thanks to strong economic institutions and fundamentals, Sweden is wellprepared to cope with fall-out from the global financial crisis. The cyclehas turned and, clearly, the key near-term challenge is to steer through theslowdown without jeopardising longer-run macroeconomic stability.With sound structural reforms, material living standards have risenstrongly in Sweden over the past 10 to 15 years. Market opening hasboosted
English, , 330kb
The 14 year-long period of strong expansion has come to an end, as residentialconstruction has begun adjusting towards a sustainable level of activity andthe highly indebted household sector is curbing spending in response to bothtighter financial conditions and higher inflation, while external demand isweakening as global financial turbulence worsens. The downturn is still atan early stage. Nonetheless, it has already resulted in a
German, , 210kb
Die in Anschluss an die Krise von 2001 eingeleiteten weitreichenden institutionellen und strukturellen Reformen schufen die Grundlage für eine beispiellose Phase hohen Wachstums, die bis 2007 anhielt. In jüngster Zeit traten jedoch Spannungen auf, und infolge einer in weiten Teilen der Wirtschaft abnehmenden Wettbewerbsfähigkeit, einer Verschlechterung der internationalen Rahmenbedingungen und einer Eintrübung des Vertrauens im Inland
English, , 206kb
The performance of the Australian economy has remained remarkable inmost respects. However, after more than a decade and a half of rapid growththe economy has bumped into capacity constraints, while facing a renewedrise in its terms of trade. In the short term, this new shock represents achallenge for macroeconomic policy which has to stave off inflationarypressures. Monetary and fiscal policies will need to remain relatively tightto