{
  "title": "Euro Area Policies: 2013 Article IV Consultation",
  "publication": "IMF Staff Country Reports, July 25, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/euro-area-policies-2013-article-iv-consultation-40820",
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  "summary": "This staff paper on euro area policy 2013 Article IV Consultation discusses economic development and policies. Severe market stresses have subsided, although private borrowing costs have remained too high in the periphery.",
  "sections": [
    {
      "heading": "Executive summary and macro-financial findings",
      "content": "- Severe market stresses have subsided.\n- Private borrowing costs have remained too high in the periphery.\n- In the periphery, sovereign borrowing costs have declined from unsustainable levels.\n- Declines in sovereign borrowing costs have led to slightly lower private borrowing costs, spurring bond issuance among some banks, and firms.\n- Capital flight has gradually eased.\n- Bank deposits have stabilized.\n- Target 2 imbalances have narrowed.\n- These developments have contributed to some early repayment of official liquidity support by stronger banks, though largely from core countries.\n- Periphery bank risks are significantly higher than in the core."
    },
    {
      "heading": "Policy-relevant themes and areas of focus",
      "content": "- Bank resolution framework\n- Banking and financial markets\n- Credit conditions and bond yields\n- Public financial management (PFM)\n- Monetary policy and money markets\n- Labor markets, unemployment, and job creation\n- Structural adjustment and private sector dynamics\n- Competition and financial statements\n\n---\n\n Content in this bundle\n\n- Cr13231\n  - Cr13231 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr13231 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 25, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484372623.002",
    "Severe market stresses have subsided.",
    "Private borrowing costs have remained too high in the periphery.",
    "In the periphery, sovereign borrowing costs have declined from unsustainable levels.",
    "Declines in sovereign borrowing costs have led to slightly lower private borrowing costs, spurring bond issuance among some banks, and firms.",
    "Capital flight has gradually eased.",
    "Bank deposits have stabilized.",
    "Target 2 imbalances have narrowed.",
    "These developments have contributed to some early repayment of official liquidity support by stronger banks, though largely from core countries.",
    "Periphery bank risks are significantly higher than in the core.",
    "Monetary policy and money markets",
    "Structural adjustment and private sector dynamics",
    "**Cr13231**"
  ],
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