## Euro Area Policies: 2013 Article IV Consultation

_IMF Staff Country Reports, July 25, 2013_

## Source details

**Canonical URL:** [Euro Area Policies: 2013 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/euro-area-policies-2013-article-iv-consultation-40820)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/euro-area-policies-2013-article-iv-consultation-40820/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/euro-area-policies-2013-article-iv-consultation-40820/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/euro-area-policies-2013-article-iv-consultation-40820/bundle-manifest.json)

## Bibliographic details
- Published: July 25, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484372623.002

---

### Executive summary and macro-financial findings
- 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.

### Policy-relevant themes and areas of focus
- Bank resolution framework
- Banking and financial markets
- Credit conditions and bond yields
- Public financial management (PFM)
- Monetary policy and money markets
- Labor markets, unemployment, and job creation
- Structural adjustment and private sector dynamics
- Competition and financial statements

---

## Content in this bundle

- **Cr13231**
  - [Cr13231 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13231.pdf.md){rel="alternate" type="text/markdown"}
  - [Cr13231 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr13231.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/euro-area-policies-2013-article-iv-consultation-40820_