## Regional Economic Outlook: Europe, Strengthening Financial Systems, November 2007 -- Table of Contents

_Europe, November 12, 2007_

## Source details

**Canonical URL:** [Regional Economic Outlook: Europe, Strengthening Financial Systems, November 2007 -- Table of Contents](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)
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## Bibliographic details
- Published: November 12, 2007
- Series: Europe

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### 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*

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## Content in this bundle

- **Perspectives économiques régionales: Europe - Renforcer les systèmes financiers, Novembre 2007**
  - [Perspectives économiques régionales: Europe - Renforcer les systèmes financiers, Novembre 2007 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/reo/2007/eur/ereo1107f.pdf.md){rel="alternate" type="text/markdown"}
  - [Perspectives économiques régionales: Europe - Renforcer les systèmes financiers, Novembre 2007 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/french/pubs/ft/reo/2007/eur/ereo1107f.pdf){rel="external" type="application/pdf"}
- **Strengthening Financial Systems — Executive Summary**
  - [Strengthening Financial Systems — Executive Summary (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2007/eur/eng/_ereo1107expdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Strengthening Financial Systems — Executive Summary (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2007/eur/eng/_ereo1107expdf.pdf){rel="external" type="application/pdf"}
- **Regional Economic Outlook: Europe - Strengthening Financial Systems, November 2007**
  - [Regional Economic Outlook: Europe - Strengthening Financial Systems, November 2007 (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2007/eur/eng/_ereo1107pdf.pdf.md){rel="alternate" type="text/markdown"}
  - [Regional Economic Outlook: Europe - Strengthening Financial Systems, November 2007 (PDF)](/-/media/websites/imf/imported-flagship-issues/external/pubs/ft/reo/2007/eur/eng/_ereo1107pdf.pdf){rel="external" type="application/pdf"}
- **Перспективы развития региональной экономики: Европа. Укрепление финансовых систем. Ноябрь 2007 года**
  - [Перспективы развития региональной экономики: Европа. Укрепление финансовых систем. Ноябрь 2007 года (Markdown version)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/reo/eur/2007/ereo1107r.pdf.md){rel="alternate" type="text/markdown"}
  - [Перспективы развития региональной экономики: Европа. Укрепление финансовых систем. Ноябрь 2007 года (PDF)](/-/media/websites/imf/imported-flagship-issues/external/russian/pubs/ft/reo/eur/2007/ereo1107r.pdf){rel="external" type="application/pdf"}

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## References

- [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)
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_Source: https://www.imf.org/en/publications/reo/eu/issues/2017/01/07/regional-economic-outlook-europe2_