{
  "title": "Euro Area Policies: 2012 Article IV Consultation: Selected Issues Paper",
  "publication": "IMF Staff Country Reports, July 18, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/euro-area-policies-2012-article-iv-consultation-selected-issues-paper-26075",
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  "summary": "This 2012 Article IV Consultation—Selected Issues Paper on Euro Area Policies argues that the creation of a common eurozone financial stability architecture is an immediate priority to restore the viability of the Economic and Monetary Union.",
  "sections": [
    {
      "heading": "Main findings and analysis",
      "content": "- Argues that the creation of a common eurozone financial stability architecture is an immediate priority to restore the viability of the Economic and Monetary Union.\n- Presents a narrative of the various stages of the banking and sovereign crisis since the Summer of 2011.\n- Characterizes the downward spirals at play in periphery euro area countries.\n- Describes the process of financial de-integration within the euro area."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Immediate priority: establish a common eurozone financial stability architecture to restore EMU viability.\n- Address interactions between banking crises and sovereign stress in periphery countries to break downward spirals.\n- Implement measures to counteract financial de-integration across the euro area."
    },
    {
      "heading": "Subjects and keywords (as presented)",
      "content": "- Subjects: Banking, Bond yields, Bonds, Credit default swap, Financial institutions, Financial services, Public debt, Sovereign bonds, Yield curve\n- Keywords: Asia and Pacific, bank, Bond yields, Bonds, CR, ECB bond holding, ECB debt purchase, ECB debt swap, ECB intervention, ECB seniority, euro, Europe, Global, government bond, ISCR, market, SGP rule, Sovereign bonds, Western Europe, yield, Yield curve\n\n---\n\n Content in this bundle\n\n- Sources of Banking Stress July 2011–June 2012\n  - Sources of Banking Stress July 2011–June 2012 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Sources of Banking Stress July 2011–June 2012 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 18, 2012",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475505788.002",
    "Argues that the creation of a common eurozone financial stability architecture is an immediate priority to restore the viability of the Economic and Monetary Union.",
    "Presents a narrative of the various stages of the banking and sovereign crisis since the Summer of 2011.",
    "Characterizes the downward spirals at play in periphery euro area countries.",
    "Describes the process of financial de-integration within the euro area.",
    "Immediate priority: establish a common eurozone financial stability architecture to restore EMU viability.",
    "Address interactions between banking crises and sovereign stress in periphery countries to break downward spirals.",
    "Implement measures to counteract financial de-integration across the euro area.",
    "Subjects: Banking, Bond yields, Bonds, Credit default swap, Financial institutions, Financial services, Public debt, Sovereign bonds, Yield curve",
    "Keywords: Asia and Pacific, bank, Bond yields, Bonds, CR, ECB bond holding, ECB debt purchase, ECB debt swap, ECB intervention, ECB seniority, euro, Europe, Global, government bond, ISCR, market, SGP rule, Sovereign bonds, Western Europe, yield, Yield curve",
    "**Sources of Banking Stress July 2011–June 2012**"
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