Euro Area Policies: 2009 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Member Countries

July 30, 2009

Summary

This 2009 Article IV Consultation focuses on euro area policies. The euro area remains in recession, with signs of improvement yet to evolve into a recovery. The large drop in financial wealth, an associated increase in private savings, tight financing conditions, and the adjustment of global imbalances are key drivers of the economic decline. Executive Directors have welcomed the broad arsenal of macroeconomic policies and financial sector interventions deployed by euro area authorities and Member States to address the crisis.

Subject: Banking, Central bank policy rate, Covered bonds, Credit, Financial crises, Financial institutions, Financial sector, Financial sector policy and analysis, Financial sector stability, Financial services, Money

Keywords: authority, central bank, Central bank policy rate, Covered bonds, CR, Credit, EU authorities, EU banking, euro, Euro Area authorities, Europe, Financial sector stability, financial system, Global, government, headline inflation, ISCR

Pages:
59
Volume:
2009
DOI:
https://doi.org/10.5089/9781451813098.002
Issue:
223
Series:
Country Report No. 2009/223
Stock No:
1EUREA2009001
ISBN:
9781451813098
ISSN:
1934-7685

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