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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.
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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
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.
The OECD Development Centre, the Inter-American Development Bank and the French Ministry of Economy, Industry and Employment will hold on 25 January 2010 this high-level event.
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Links to EU sites on agri-environmental issues.
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Agri-environmental indicators for the European Union and data on the environmental performance of EU agriculture. Extract from the publication Environmental Performance of Agriculture in OECD Countries since 1990 (2008).
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The EU economy is enjoying a strong cyclical rebound. Employment has risen, and the decline in the EU’s sustainable growth rate seems to have halted. Reforms are paying off, especially in the countries that started early. But there is a sizeable gap in GDP per capita compared with the OECD’s best performers, and the gap has widened over the past decade. Moreover, growth and employment performance differs considerably within the EU