{
  "title": "Regional Economic Outlook: Europe, Strengthening Financial Systems, November 2007 -- Table of Contents",
  "publication": "Europe, November 12, 2007",
  "sourceUrl": "https://www.imf.org/en/publications/reo/eu/issues/2017/01/07/regional-economic-outlook-europe2",
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  "summary": "Strong fundamentals should allow Europe to weather financial turbulence relatively well. Nonetheless, growth is set to ease in 2008 in nearly all countries.",
  "sections": [
    {
      "heading": "Executive overview and key messages",
      "content": "- Strong fundamentals should allow Europe to weather financial turbulence relatively well.\n- Growth is set to ease in 2008 in nearly all countries.\n- Policymakers will need to:\n  - deal up front with the financial market turmoil,\n  - implement fiscal consolidation,\n  - 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.\n- Three analytical chapters discuss reforms to strengthen Europe’s financial systems to:\n  - allow advanced economies to benefit from innovation without incurring excessive risk,\n  - help emerging economies manage rapid financial deepening and develop financial systems further."
    },
    {
      "heading": "Outlook: Through Financial Turbulence to Sustained Growth (Part I)",
      "content": "- Strong Fundamentals Should Help Overcome Financial Turbulence\n- Protracted Credit Market Tightening Would Add Downside Risk\n- Policymakers Are Facing Unexpected Uncertainty\n- Reforms Are Key to Sustaining Growth"
    },
    {
      "heading": "Analytical focus: Strengthening Financial Systems (Part II)",
      "content": "1. Tuning the Financial Systems of Advanced Economies\n   - Overview\n   - Evolution of Financial Systems\n   - Quality of the Financial System Matters\n   - Garnering Benefits without Incurring Excessive Risks\n2. Managing Rapid Financial Deepening in Emerging Europe\n   - Finance’s Role in Convergence\n   - Driving Safely at High Speed\n   - Preparing for the Curve Ahead\n3. Sustaining Financial Development in Emerging Europe\n   - What Is the State of Financial Development?\n   - Which Factors Are Key?\n   - How Can Progress Be Sustained?"
    },
    {
      "heading": "Empirical content: Tables, Figures, and Boxes (selected headings)",
      "content": "- Tables (selected):\n  - European Countries: Real GDP Growth and CPI Inflation, 2006–08\n  - European Countries: External and Fiscal Balances, 2006–08\n  - Index of Economic Freedom: Ranking Compared with the Rest of the World, 2005\n  - 4. Credit to Nonfinancial Corporations and Households, 2000–06\n  - 5. Banks’ Exposure to Emerging Economies, 2006\n- Figures (selected):\n  - Europe and the Rest of the World: Real GDP Growth, 2001–08\n  - Convergence in Europe and in the Rest of the World, 2001–06\n  - Euro Area: Average Interbank Offer Rates, July 25, 2007–October 3, 2007\n  - Change in Banking Sector Stock Prices, July 25, 2007–October 3, 2007\n  - Daily Stock Markets Indices, January 2005–October 2007\n  - 6. Sovereign Spreads, July 25, 2007–October 1, 2007\n- Boxes (selected):\n  - Why Was Europe Affected by the Collapse of the U.S. Subprime Mortgage Market?\n  - Europe’s Economic Integration\n  - Continued Relevance of Relationship-Based Lending in an Evolving Financial System\n  - Financial Intermediation at Work in Denmark\n  - Upgrading a Financial System: Italy’s Experience\n  - Addressing Financial Speeding in Latvia\n  - Rapid Financial Deepening: Lessons from Portugal\n  - National versus Regional Exchange Markets: Implications for Emerging Europe\n  - Developing the Government Securities Market\n  - Institutional Quality, Corporate Governance, and Financial Development: The Case of Ukraine"
    },
    {
      "heading": "Policy implications and recommendations (synthesized from table of contents focus)",
      "content": "- Immediate priorities for policymakers:\n  - Address financial market turmoil to limit near-term downside risks.\n  - Pursue fiscal consolidation to rebuild buffers.\n  - Implement structural reforms, including in the financial sector, to reduce vulnerabilities and raise medium-term growth.\n- For advanced economies:\n  - Strengthen oversight and risk management to reap the benefits of financial innovation without excessive risk-taking.\n- For emerging Europe:\n  - Manage rapid financial deepening prudently.\n  - Develop institutional capacity and market infrastructure to sustain financial development and convergence.\n\nRegional Economic Outlook: Europe, November 2007 — Table of Contents\n\n---\n\n Content in this bundle\n\n- Perspectives économiques régionales: Europe - Renforcer les systèmes financiers, Novembre 2007\n  - Perspectives économiques régionales: Europe - Renforcer les systèmes financiers, Novembre 2007 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Perspectives économiques régionales: Europe - Renforcer les systèmes financiers, Novembre 2007 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Strengthening Financial Systems — Executive Summary\n  - Strengthening Financial Systems — Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Strengthening Financial Systems — Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}\n- Regional Economic Outlook: Europe - Strengthening Financial Systems, November 2007\n  - Regional Economic Outlook: Europe - Strengthening Financial Systems, November 2007 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Regional Economic Outlook: Europe - Strengthening Financial Systems, November 2007 (PDF){rel=\"external\" type=\"application/pdf\"}\n- Перспективы развития региональной экономики: Европа. Укрепление финансовых систем. Ноябрь 2007 года\n  - Перспективы развития региональной экономики: Европа. Укрепление финансовых систем. Ноябрь 2007 года (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Перспективы развития региональной экономики: Европа. Укрепление финансовых систем. Ноябрь 2007 года (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- Press Release\n- Regional Economic Outlooks\n- IMF Regional Reports\n- World Economic Outlook:\n- Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.\n- Modify your profile\n- Adobe Acrobat Reader\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/publications/reo/eu/issues/2017/01/07/regional-economic-outlook-europe2"
    }
  ],
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    "[Markdown version](/en/publications/reo/eu/issues/2017/01/07/regional-economic-outlook-europe2/index.md)",
    "[Structured JSON version](/en/publications/reo/eu/issues/2017/01/07/regional-economic-outlook-europe2/index.json)",
    "[Bundle manifest](/en/publications/reo/eu/issues/2017/01/07/regional-economic-outlook-europe2/bundle-manifest.json)",
    "Published: November 12, 2007",
    "Series: Europe",
    "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:",
    "Three analytical chapters discuss reforms to strengthen Europe’s financial systems to:",
    "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",
    "Tables (selected):",
    "Figures (selected):",
    "Boxes (selected):",
    "Immediate priorities for policymakers:",
    "For advanced economies:",
    "For emerging Europe:",
    "**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**",
    "[Press Release](https://www.imf.org/external/np/sec/pr/2007/pr07252.htm)",
    "[Regional Economic Outlooks](https://www.imf.org/external/pubs/ft/reo/reorepts.aspx)",
    "[IMF Regional Reports](https://www.imf.org/external/pubs/cat/region.asp)",
    "[World Economic Outlook:](https://www.imf.org/external/pubs/ft/weo/2007/02/index.htm)",
    "[Sign up to receive free e-mail notices when new series and/or country items are posted on the IMF website.](https://www.imf.org/en/email-subscription/index)",
    "[Modify your profile](https://www.imf.org/en/email-subscription/login)",
    "[Adobe Acrobat Reader](https://www.imf.org/adobe)"
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