Regional Economic Outlook: Europe, Strengthening Financial Systems, November 2007 -- Table of Contents
Europe, November 12, 2007
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- Regional Economic Outlook: Europe, Strengthening Financial Systems, November 2007 -- Table of Contents
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Bibliographic details
- Published: November 12, 2007
- Series: Europe
Executive overview and key messages
- Strong fundamentals should allow Europe to weather financial turbulence relatively well.
- Growth is set to ease in 2008 in nearly all countries.
- Policymakers will need to:
- deal up front with the financial market turmoil,
- implement fiscal consolidation,
- implement structural reforms, including in the financial sector, to address vulnerabilities, raise medium-term growth prospects, and deliver on the promise of convergence for emerging Europe.
- Three analytical chapters discuss reforms to strengthen Europe’s financial systems to:
- allow advanced economies to benefit from innovation without incurring excessive risk,
- help emerging economies manage rapid financial deepening and develop financial systems further.
Outlook: Through Financial Turbulence to Sustained Growth (Part I)
- Strong Fundamentals Should Help Overcome Financial Turbulence
- Protracted Credit Market Tightening Would Add Downside Risk
- Policymakers Are Facing Unexpected Uncertainty
- Reforms Are Key to Sustaining Growth
Analytical focus: Strengthening Financial Systems (Part II)
1. Tuning the Financial Systems of Advanced Economies
- Overview
- Evolution of Financial Systems
- Quality of the Financial System Matters
- Garnering Benefits without Incurring Excessive Risks
2. Managing Rapid Financial Deepening in Emerging Europe
- Finance’s Role in Convergence
- Driving Safely at High Speed
- Preparing for the Curve Ahead
3. Sustaining Financial Development in Emerging Europe
- What Is the State of Financial Development?
- Which Factors Are Key?
- How Can Progress Be Sustained?
Empirical content: Tables, Figures, and Boxes (selected headings)
- Tables (selected):
- European Countries: Real GDP Growth and CPI Inflation, 2006–08
- European Countries: External and Fiscal Balances, 2006–08
- Index of Economic Freedom: Ranking Compared with the Rest of the World, 2005
- 4. Credit to Nonfinancial Corporations and Households, 2000–06
- 5. Banks’ Exposure to Emerging Economies, 2006
- Figures (selected):
- Europe and the Rest of the World: Real GDP Growth, 2001–08
- Convergence in Europe and in the Rest of the World, 2001–06
- Euro Area: Average Interbank Offer Rates, July 25, 2007–October 3, 2007
- Change in Banking Sector Stock Prices, July 25, 2007–October 3, 2007
- Daily Stock Markets Indices, January 2005–October 2007
- 6. Sovereign Spreads, July 25, 2007–October 1, 2007
- Boxes (selected):
- Why Was Europe Affected by the Collapse of the U.S. Subprime Mortgage Market?
- Europe’s Economic Integration
- Continued Relevance of Relationship-Based Lending in an Evolving Financial System
- Financial Intermediation at Work in Denmark
- Upgrading a Financial System: Italy’s Experience
- Addressing Financial Speeding in Latvia
- Rapid Financial Deepening: Lessons from Portugal
- National versus Regional Exchange Markets: Implications for Emerging Europe
- Developing the Government Securities Market
- Institutional Quality, Corporate Governance, and Financial Development: The Case of Ukraine
Policy implications and recommendations (synthesized from table of contents focus)
- Immediate priorities for policymakers:
- Address financial market turmoil to limit near-term downside risks.
- Pursue fiscal consolidation to rebuild buffers.
- Implement structural reforms, including in the financial sector, to reduce vulnerabilities and raise medium-term growth.
- For advanced economies:
- Strengthen oversight and risk management to reap the benefits of financial innovation without excessive risk-taking.
- For emerging Europe:
- Manage rapid financial deepening prudently.
- Develop institutional capacity and market infrastructure to sustain financial development and convergence.
Regional Economic Outlook: Europe, November 2007 — Table of Contents
Content in this bundle
- Perspectives économiques régionales: Europe - Renforcer les systèmes financiers, Novembre 2007
- Strengthening Financial Systems — Executive Summary
- Regional Economic Outlook: Europe - Strengthening Financial Systems, November 2007
- Перспективы развития региональной экономики: Европа. Укрепление финансовых систем. Ноябрь 2007 года