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Economic Convergence of Central and Eastern European EU Member States over the Last Decade (2004-2014)

Economic Convergence of Central and Eastern European EU Member States over the Last Decade (2004-2014)

July 2015

Author(s): Balázs Forgó, Anton Jevčák

Taking stock of the progress achieved by the ten Central and Eastern European countries which entered the EU in 2004 and 2007, this report looks at their economies in terms of their real and nominal economic convergence. It analyses the period from 2004 to 2014 to offer a longer-term perspective on convergence, while providing also a horizontal, cross-country comparison of convergence.

Topics: EU Member State economies ; Economic indicators ; Enlargement

Series: Discussion Papers

 
The Economic Adjustment Programme. Cyprus, 6th Review – Spring 2015

The Economic Adjustment Programme. Cyprus, 6th Review – Spring 2015

July 2015

This report, the sixth of its type, assesses compliance with the terms and conditions set out in the Economic Adjustment Programme for Cyprus, as agreed between the Cypriot authorities and the EC, the ECB and the IMF in 2013.

Topics: Structural policies, growth and development; Financial assistance programmes; EU Member State economies; Public finances; Economic crisis

Series: Institutional Papers

 
Post-Programme Surveillance Report. Portugal, Spring 2015

Post-Programme Surveillance Report. Portugal, Spring 2015

July 2015

This report by the European Commission presents the findings of the second post-programme surveillance mission to Portugal and identifies remaining challenges for the Portuguese economy.

Topics: Financial assistance programmes; EU Member State economies

Series: Institutional Papers

 
Ex post evaluation of the economic adjustment programme for Ireland (2010-2013)

Ex post evaluation of the economic adjustment programme for Ireland (2010-2013)

July 2015

In December 2010, European Union governments and the International Monetary Fund agreed to provide Ireland with up to EUR 67.5 billion in a novel and complex financial assistance programme designed to repair the country’s banking sector, economy and public finances. This report looks to draw lessons for the future from the programme, which proved to be appropriate and effective overall.

Summary for non-specialists DE - FR

Topics: Financial assistance programmes; Economic crisis; EU Member State economies

 
Quarterly Report on the Euro Area (QREA), Vol.14, No.2 (2015)

Quarterly Report on the Euro Area (QREA), Vol.14, No.2 (2015)

July 2015

The focus section of the report looks at euro area services sectors. It finds evidence that service sectors in the euro area are underperforming, meaning that reforms to address structural bottlenecks and support greater competition could contribute to boosting exports, growth and competitiveness. The two special features of the report deal with the economic impact of oil prices and business cycle synchronisation.

Topics: Structural policies, growth and development; Economic policy coordination; EU Member State economies

Series: Institutional Papers

 
Macroeconomic Imbalances. Main Findings of the In-Depth Reviews 2015

Macroeconomic Imbalances. Main Findings of the In-Depth Reviews 2015

June 2015

Author(s): Jonas Fischer, Alexis Loublier and Alessandro Turrini

This paper presents and summarises the main findings from the Commission In-Depth Reviews (IDRs) which were released on 26 February 2015 in the framework of the Macroeconomic Imbalances Procedure (MIP).

Categories : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – United Kingdom 2015

Macroeconomic Imbalances. Country Report – United Kingdom 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in the United Kingdom. In-depth reviews are embedded in a comprehensive country report.

Categories : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Sweden 2015

Macroeconomic Imbalances. Country Report – Sweden 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Sweden. In-depth reviews are embedded in a comprehensive country report.

Categories : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
225 - Macroeconomic Imbalances. Country Report – Finland 2015

225 - Macroeconomic Imbalances. Country Report – Finland 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Finland. In-depth reviews are embedded in a comprehensive country report.

Topics : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Slovenia 2015

Macroeconomic Imbalances. Country Report – Slovenia 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Slovenia. In-depth reviews are embedded in a comprehensive country report.

Topics : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Romania 2015

Macroeconomic Imbalances. Country Report – Romania 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Romania. In-depth reviews are embedded in a comprehensive country report.

Topics : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Portugal 2015

Macroeconomic Imbalances. Country Report – Portugal 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Portugal. In-depth reviews are embedded in a comprehensive country report.

Topics : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Netherlands 2015

Macroeconomic Imbalances. Country Report – Netherlands 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in the Netherlands. In-depth reviews are embedded in a comprehensive country report.

Topics : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Hungary 2015

Macroeconomic Imbalances. Country Report – Hungary 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Hungary. In-depth reviews are embedded in a comprehensive country report.

Topics : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Italy 2015

Macroeconomic Imbalances. Country Report – Italy 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Italy. In-depth reviews are embedded in a comprehensive country report.

Topics : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Croatia 2015

Macroeconomic Imbalances. Country Report – Croatia 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Croatia. In-depth reviews are embedded in a comprehensive country report.

Topics : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – France 2015

Macroeconomic Imbalances. Country Report – France 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in France. In-depth reviews are embedded in a comprehensive country report.

Topics : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Spain 2015

Macroeconomic Imbalances. Country Report – Spain 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Spain. In-depth reviews are embedded in a comprehensive country report.

Topics : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Ireland 2015

Macroeconomic Imbalances. Country Report – Ireland 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Ireland. In-depth reviews are embedded in a comprehensive country report.

Categories : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Germany 2015

Macroeconomic Imbalances. Country Report – Germany 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Germany. In-depth reviews are embedded in a comprehensive country report.

Categories : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic Imbalances. Country Report – Bulgaria 2015

Macroeconomic Imbalances. Country Report – Bulgaria 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Bulgaria. In-depth reviews are embedded in a comprehensive country report.

Topics : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Macroeconomic imbalances. Country Report - Belgium 2015

Macroeconomic imbalances. Country Report - Belgium 2015

June 2015

Author(s): European Commission

This report presents the results of in-depth reviews on the prevention and correction of macroeconomic imbalances in Belgium. In-depth reviews are embedded in a comprehensive country report.

Topics : Economic policy coordination; Structural policies, growth and development; EU Member State economies;

Series : Occasional Papers

 
Securing Poland’s economic success II: labour market and product specialisation – is there a link?

Securing Poland’s economic success II: labour market and product specialisation – is there a link?

April 2015

Author(s): Piotr Bogumil 

This country focus analyses the interlinkages between labour market institutions and product specialisation in Poland.

Topics: Structural policies, growth and development ; Labour markets ; EU Member State economies

Series: Country Focus

 
544 - Precarious and less well-paid? Wage differences between permanent and fixed-term contracts across the EU countries - António Dias da Silva . Alessandro Turrini

544 - Precarious and less well-paid? Wage differences between permanent and fixed-term contracts across the EU countries - António Dias da Silva . Alessandro Turrini

February 2015

Author(s): António Dias da Silva and Alessandro Turrini

This paper analyses the main features of the wage differences between permanent and fixed-term workers and what sources are driving these differences, including the role of labour market institutions.

Categories: EU Member State economies; Labour markets

Series: Economic Papers

 
European Economic Forecast - Winter 2015

European Economic Forecast - Winter 2015

February 2015

Growth this year is forecast to rise to 1.7% for the EU as a whole and to 1.3% for the euro area. In 2016, economic activity should grow by 2.1% and 1.9% respectively.

Categories: EU Member State economies; Forecasts; Economic indicators

Series: European Economy

 
The role of state-owned enterprises in Romania

The role of state-owned enterprises in Romania

January 2015

Author(s): Helena Marrez

This country focus analyses the importance and economic performance of state-owned enterprises in the Romanian economy.

Topics : Structural policies, growth and development; EU Member State economies; Product Market

Series : Country Focus

 
Post-Programme Surveillance Report. Ireland, Autumn 2014

Post-Programme Surveillance Report. Ireland, Autumn 2014

January 2015

Author(s): European Commission

Report on the second post-programme surveillance review for Ireland, and on recent economic developments and outlook for Ireland.

European Commission and European Central Bank officials visited Ireland between 17 and 21 November 2014 for the second review of Ireland’s economic situation since the conclusion of the country’s EU Financial Assistance Programme in December 2013.

Topics : Structural policies, growth and development; EU Member State economies; Public finances;

Series : Occasional Papers

 
The Economic Adjustment Programme for Cyprus – Fifth Review Summer 2014

The Economic Adjustment Programme for Cyprus – Fifth Review Summer 2014

December 2014

The report assesses compliance with the terms and conditions set out in the MoU as agreed at staff level on 2 April 2013 with the Cypriot authorities.

Author(s): European Commission

Categories : Structural policies, growth and development; Financial assistance programmes; EU Member State economies; Public finances; Economic crisis

Series : Occasional Papers

 
Post-Programme Surveillance for Portugal. Autumn 2014 Report

Post-Programme Surveillance for Portugal. Autumn 2014 Report

December 2014

Staff from the European Commission (EC), in liaison with ECB staff, visited Lisbon between 28 October and 4 November under the first post-programme surveillance review. The mission was coordinated with the IMF's post-programme monitoring mission and staff from the European Stability Mechanism (ESM) participated in meetings of relevance to their Early Warning System. This report gives an overview of the main findings of the mission and of the challenges faced by Portugal.

Author(s): European Commission

Categories : Financial assistance programmes; EU Member State economies

Series : Occasional Papers

 
539 - Labour mobility and labour market adjustment in the EU - Alfonso Arpaia, Aron Kiss, Balazs Palvolgyi, Alessandro Turrini

539 - Labour mobility and labour market adjustment in the EU - Alfonso Arpaia, Aron Kiss, Balazs Palvolgyi, Alessandro Turrini

December 2014

This paper assesses the role of labour mobility in the EU as an adjustment mechanism. It presents stylised facts on mobility and migration at national and sub-national level, analyses the determinants of mobility flows by means of gravity equations, and studies the dynamic response of mobility to asymmetric demand shocks by means of vector auto regression (VAR) analysis in the vein of Blanchard and Katz (1992).

Categories: EU Member State economies ; Labour markets; The euro

Series: Economic Papers

 
Spain - Post Programme Surveillance - Autumn 2014 Report

Spain - Post Programme Surveillance - Autumn 2014 Report

December 2014

This second post-programme surveillance report provides an assessment of Spain's economic, fiscal and financial situation following its exit from the Financial Assistance Programme in January 2014.

Author(s): European Commission

Categories : Economic crisis; Financial assistance programmes; EU Member State economies

Series : Occasional Papers

 
537 - Structural reforms at the zero bound - Lukas Vogel

537 - Structural reforms at the zero bound - Lukas Vogel

November 2014

This paper uses the European Commission’s QUEST macroeconomic model to analyse the impact of structural reforms on economic activity in an environment in which the zero bound on monetary policy rates is temporarily binding. The simulations suggest that although such reforms can have a negative impact on economic activity in the short run, these effects tend to be small and short-lived when a variety of transmission channels are considered.

Categories: Structural policies, growth and development; EU Member State economies; Economic crisis

Series: Economic Papers

 
European Economic Forecast - Autumn 2014

European Economic Forecast - Autumn 2014

November 2014

The European Commission's autumn forecast projects weak economic growth for the rest of this year in both the EU and the euro area. In the course of 2015, a gradual strengthening of economic activity is expected and growth is projected to rise further in 2016. All EU countries are set to register positive growth in 2015 and 2016. This is also when the lagged impact of already implemented reforms should be felt more strongly.

Categories :EU Member State economies; Forecasts; Economic indicators

Series: European Economy

 
202 - The Economic Adjustment Programme for Portugal. 2011-2014

202 - The Economic Adjustment Programme for Portugal. 2011-2014

October 2014

This report by the European Commission services assesses the overall implementation of the Economic Adjustment Programme for Portugal and sets out future policy challenges for the Portuguese economy.

Categories: Financial assistance programmes; EU Member State economies

Series : Occasional Papers

 
9 - Securing Poland’s economic success: A good time for reforms

9 - Securing Poland’s economic success: A good time for reforms

October 2014

This country focus analyses the factors that conditioned Poland's economic success with specific focus on the product specialisation of the economy.

Categories: EU Member State economies, International economics and non-EU economies

Series: Country Focus

 
534 - Electricity Tariff Deficit: Temporary or Permanent problem in the EU? - Asa Johannesson Linden , Fotios Kalantzis, Emmanuelle Maincent, Jerzy Pienkowsk

534 - Electricity Tariff Deficit: Temporary or Permanent problem in the EU? - Asa Johannesson Linden , Fotios Kalantzis, Emmanuelle Maincent, Jerzy Pienkowsk

October 2014

The objective of this paper is to define, identify and compare the cases of electricity tariff deficits in the EU Member States.

Categories: EU Member State economiesStructural policies, growth and development

Series : Economic Papers

 
37 - Implementing economic reforms – are EU Member States responding to European Semester recommendations?

37 - Implementing economic reforms – are EU Member States responding to European Semester recommendations?

October 2014

For the past four years, the EU has issued country-specific recommendations for economic reform to its Member States under the European Semester. A synthetic indicator of EU-wide implementation of these recommendations shows a score of just over 40%. While this is higher than what some critics of the European Semester process have argued, more stringent implementation is needed in the face of Europe’s economic challenges.

Category: Economic policy coordination, EU Member State economies

Series: Economic Briefs

 
8 - Composition of capital inflows in Central and Eastern Europe (CEE) - is Poland different?

8 - Composition of capital inflows in Central and Eastern Europe (CEE) - is Poland different?

September 2014

This country focus analyses the composition of capital inflows and their impact on growth in Central and Eastern Europe, with specific focus on Poland

Categories: EU Member State economies, International economics and non-EU economies

Series: Country Focus

 
531 - Economic Impact of Late Payments - William Connell

531 - Economic Impact of Late Payments - William Connell

September 2014

This study focuses on the economic effect of late payments in Government-to-Business and Business-to-Business commercial transactions.

Categories: Structural policies, growth and development; EU Member State economies; Product markets

Series : Economic Papers

 
530 - The Economic Impact of Civil Justice Reforms - Dimitri Lorenzani and Federico Lucidi

530 - The Economic Impact of Civil Justice Reforms - Dimitri Lorenzani and Federico Lucidi

September 2014

This paper investigates the impact of structural reforms affecting the efficiency of civil justice systems on selected economic outcomes, such as business dynamics and foreign direct investments.

Categories: Structural policies, growth and development; EU Member State economies; Product markets

Series : Economic Papers

 
529 - The Economic Impact of Digital Structural Reforms - Dimitri Lorenzani, Janos Varga

529 - The Economic Impact of Digital Structural Reforms - Dimitri Lorenzani, Janos Varga

September 2014

This paper investigates the impact of selected structural reforms in the areas of radio spectrum, professional e-skills, eCommerce, and fixed broadband on specific economic outcomes, such as prices and productivity, as well as the corresponding economy-wide impact on GDP, simulated through the DSGE model QUEST III.

Categories: Structural policies, growth and development; EU Member State economiesProduct markets

Series : Economic Papers

 
200 - Assessing Public Debt Sustainability in EU Member States: A Guide

200 - Assessing Public Debt Sustainability in EU Member States: A Guide

September 2014

Analysing recent and prospective public debt developments and risks to debt sustainability is crucial for EA countries and the EU as a whole to be able to formulate appropriate policy responses. To this aim, the Commission services (Directorate General for Economic and Financial Affairs) conduct, on a regular basis, detailed public debt sustainability analysis.

Categories: Public finances; EU Member State economies; Forecasts

Serie: Occasional Papers

 
524 - Future Directions for the Irish Economy. Conference Proceedings - Graham Stull

524 - Future Directions for the Irish Economy. Conference Proceedings - Graham Stull

July 2014

Ireland's successful conclusion of the financial assistance programme provides an important opportunity to assess the prospects of the Irish economy to achieve good growth, to prevent future banking crises and to lock in budgetary and fiscal improvements that were achieved over the course of the Programme.

Categories: EU Member State economies; Public finances; Financial markets

Series: Economic Papers

 
522 - A Decade of Labour Market Reforms in the EU: Insights from the LABREF database - Alessandro Turrini, Gabor Koltay, Fabiana Pierini, Clarisse Goffard and Aron Kiss

522 - A Decade of Labour Market Reforms in the EU: Insights from the LABREF database - Alessandro Turrini, Gabor Koltay, Fabiana Pierini, Clarisse Goffard and Aron Kiss

July 2014

This paper analyses determinants and impact of labour market reforms in the European Union over the period of 2000-2011. The source of information on reforms is the LABREF database developed in DG ECFIN of the European Commission in cooperation with the Economic Policy Committee of the ECOFIN Council. The database collects information on measures adopted by EU Member States. Despite limitations of count data on reform events, the evidence permits a number of interesting insights.

Categories : EU Member State economies; Labour markets; Structural policies, growth and development

Series: Economic Papers

 
197 - The Economic Adjustment Programme for Cyprus – Fourth Review - Spring 2014

197 - The Economic Adjustment Programme for Cyprus – Fourth Review - Spring 2014

July 2014

Following a request by Cyprus on 25 June 2012, the European Commission, the European Central Bank and the International Monetary Fund finally agreed an economic adjustment programme with the Cypriot authorities on 2 April 2013.

Categories: Structural policies, growth and development; Public finances; EU Member State economies; Financial assistance programmes; Economic crisis

Series: Occasional Papers

 
196 - Member States' Energy Dependence: An Indicator-Based Assessment

196 - Member States' Energy Dependence: An Indicator-Based Assessment

June 2014

Over recent years, EU economies have been exposed to energy price increases leading to adverse effects on consumers and industries. Some economies have also been confronted with disruptions to gas supply, affecting gas-dependent industrial activities and households. Arguably, the EU economy will continue to be exposed to risks related to energy prices, including potential oil shocks or gas shortages.

Categories: Structural policies, growth and development; EU Member State economies; Economic indicators

Series: Occasional Papers

 
195 - Post-Programme Surveillance for Ireland — Spring 2014 Report

195 - Post-Programme Surveillance for Ireland — Spring 2014 Report

June 2014

Staff from the European Commission (EC), in liaison with the ECB, undertook the first post-programme surveillance (PPS) review for Ireland from 29 April to 2 May 2014. The mission was coordinated with the IMF's post-programme monitoring mission. The mission found that the positive trends of economic adjustment observed during the EU-IMF financial assistance programme have continued against the backdrop of an improving external environment and buoyant international financial markets.

Categories: Public finances; Structural policies, growth and development; EU Member State economies
Series: Occasional Papers

 
519 - International Capital Flows and the Boom-Bust Cycle in Spain - Jan in ‘t Veld, Robert Kollmann, Beatrice Pataracchia, Marco Ratto, Werner Roeger

519 - International Capital Flows and the Boom-Bust Cycle in Spain - Jan in ‘t Veld, Robert Kollmann, Beatrice Pataracchia, Marco Ratto, Werner Roeger

June 2014

We study the joint dynamics of foreign capital flows and real activity during the recent boom-bust cycle of the Spanish economy, using a three-country New Keynesian model with credit-constrained households and firms, a construction sector and a government. We estimate the model using 1995Q1-2013Q2 data for Spain, the rest of the Euro Area (REA) and the rest of the world.

Categories : Structural policies, growth and development; EU Member State economies; Financial markets
Series : Economic Papers

 
Convergence Report 2014

Convergence Report 2014

June 2014

Convergence Reports examine whether Member States satisfy the conditions for adopting the single currency. Convergence reports are issued by the European Commission and the European Central Bank every two years, or more often if a country intending to join the euro requests it. These reports form the basis for the decision on whether a Member State may join the euro area.

Categories: Economic policy coordination, EU Member State economies, The euro
Series: European Economy

 
32 - Fragmentation of wholesale funding markets – an empirical approach to measure country-specific risk premia in banks' bond spreads

32 - Fragmentation of wholesale funding markets – an empirical approach to measure country-specific risk premia in banks' bond spreads

May 2014

This paper presents empirical evidence that euro-area wholesale banking markets have become fragmented along national boundaries.

Categories: EU Member State economies, Financial markets
Series: Economic Briefs

 
193 - Spain - Post Programme Surveillance – Spring 2014 Report

193 - Spain - Post Programme Surveillance – Spring 2014 Report

May 2014

This first post-programme surveillance report provides an assessment of Spain's economic, fiscal and financial situation following its exit from the Financial Assistance Programme in January 2014.

 
192 - The Second Economic Adjustment Programme for Greece. Fourth Review

192 - The Second Economic Adjustment Programme for Greece. Fourth Review

April 2014

This report provides an assessment of the progress made by Greece with respect to its Second Economic Adjustment Programme, based on the findings of a four-part joint Commission/ECB/IMF mission to Athens between 16-29 September 2013, 28 October-8 November 2013, 2-15 December 2013 and 24 February-17 March 2014. The report examines current macroeconomic, financial and fiscal developments and assesses compliance with programme conditionality.

 
191 - The Economic Adjustment Programme for Portugal - Eleventh Review

191 - The Economic Adjustment Programme for Portugal - Eleventh Review

April 2014

The report assesses compliance with the terms and conditions set out in the Memorandum of Understanding as updated following the Tenth Review of the Portuguese Economic Adjustment Programme. The assessment is based on the findings of a joint European Commission (EC)/European Central Bank (ECB)/International Monetary Fund (IMF) staff mission to Lisbon between 20 February and 28 February 2014. The mission concluded that the programme implementation is broadly on track. The 2013 budget deficit was 4.9 percent of GDP, significantly below the Programme target of 5.5 percent of GDP.

 
516 - What drives the German current account? And how does it affect other EU member states? - Robert Kollmann, Marco Ratto, Werner Roeger, Jan in’t Veld, Lukas Vogell

516 - What drives the German current account? And how does it affect other EU member states? - Robert Kollmann, Marco Ratto, Werner Roeger, Jan in’t Veld, Lukas Vogell

April 2014

We estimate a three-country model using 1995-2013 data for Germany, the Rest of the Euro Area (REA) and the Rest of the World (ROW) to analyze the determinants of Germany’s current account surplus after the launch of the Euro. The most important factors driving the German surplus were positive shocks to the German saving rate and to ROW demand for German exports, as well as German labour market reforms and other positive German aggregate supply shocks.

 

Energy Economic Developments in Europe

January 2014

The study assesses the development in different aspects of the EU energy system both at aggregate and at Member States level and carries out a comparison with key international competitors.

 

Convergence Report 2013 on Latvia

June 2013

Convergence Reports examine whether Member States satisfy the conditions for adopting the single currency. Convergence reports are issued by the European Commission and the European Central Bank every two years, or more often if a country intending to join the euro requests it. These reports form the basis for the decision on whether a Member State may join the euro area.

 

458 - Imbalances and rebalancing scenarios in an estimated structural model for Spain - Jan in 't Veld, Andrea Pagano, Rafal Raciborski, Marco Ratto, Werner Roeger

July 2012

This paper uses an estimated DSGE model to analyse the factors behind the build-up of imbalances in the Spanish economy

 

453 - Evaluating the Macroeconomic Effects of Government Support Measures to Financial Institutions in the EU - Jan in ‘t Veld, and Werner Roeger

April 2012

Evaluating the Macroeconomic Effects of Government Support Measures to Financial Institutions in the EU

 

92 - Scoreboard for the surveillance of macroeconomic imbalances

February 2012

The design of the initial scoreboard is presented in the first Alert Mechanism Report (AMR) issued by the Commission on 14 February 2012. This paper adds to the AMR by describing in more detail the rationale of the different indicators, the choices made in the selection process and how they should be economically understood in the context of the MIP. The scoreboard consists of a set of ten indicators with indicative thresholds: two indicators aim at monitoring external positions, three indicators capture competitiveness developments and the subsequent five indicators reflect internal imbalances.

 

87 - The Economic Adjustment Programme for Greece - Fifth review

December 2011

A joint Commission/ECB/IMF mission met with the Greek authorities in Athens from 21 August to 2 September and from 27 September to 11 October 2011. The mission assessed compliance by Greece with the terms and conditions of the fifth review under the economic adjustment programme and updated conditionality for the next reviews.

The document contains in annex the following updated programme documents:

  • the Memorandum of Economic and Financial Policies (MEFP)
  • the Memorandum of Understanding on Specific Economic Policy Conditionality (MoU)
  • the Technical Memorandum of Understanding (TMU)
 

88 - Economic Adjustment Programme for Ireland — Autumn 2011 Review

December 2011

Summary for non-specialists


This paper reports on the joint fourth EU-IMF review of policy conditionality under the financial assistance programme to Ireland (updated programme documents are presented in an annex).

 

83 - The Economic Adjustment Programme for Portugal. First review - Summer 2011

September 2011

This report by European Commission services assesses compliance with the terms and conditions of the First Review under the Economic Adjustment Programme.


The programme aims at restoring competitiveness and to put Portugal’s economy back on the path of sustainable growth, sound public finances and job creation.

This report assesses compliance with the terms and conditions for the 1st Review of the Economic Adjustment Programme and summarises the findings of the joint EC/IMF and ECB mission. It also incorporates in an annex the updated programme documents, endorsed by the Council on 2 September 2011 and by the IMF Executive Board on 12 September 2011.

The new government that took office on 21 June has taken full ownership of the programme. It has quickly moved to meet the structural targets for the First Review and reacted promptly to evidence of an emerging shortfall in public finances. Structural refor

 

79 - The Economic Adjustment Programme for Portugal

June 2011

28/6/2011

This report by European Commission staff provides an overview of the challenges faced by Portugal and the objectives and design of the economic and financial programme.

Following a request by Portugal on 7 April 2011, the European Commission, ECB and IMF negotiated an Economic Adjustment Programme, aimed at restoring confidence, enabling the return of the economy to sustainable growth, and safeguarding financial stability in Portugal, the euro area and the EU. The Programme was agreed by the European Council on 17 May 2011. It covers the period 2011-2014. The programme foresees comprehensive action on three fronts: a credible and balanced fiscal consolidation strategy, efforts to safeguard the financial sector and deep and frontloaded structural reforms too boost potential growth.

 

2 - Italy's regional divide: does it matter also for exports? - Marco Montanari

June 2011

This Country Focus analyses a not frequently studied dimension of the large and persistent regional economic divide in Italy this divide: the performance of exports and their composition.

 

78 - Economic Adjustment Programme for Ireland - 2011 Spring Review

May 2011

18/5/2011

This paper reports on the joint EC-ECB-IMF review of policy conditionality under EU/IMF financial assistance programme to Ireland up to end-March 2011. It also incorporates in an annex the updated programme documents, endorsed by the ECOFIN on 17 May 2011 and the IMF Executive Board on 16 May 2011.

The economy is rebalancing away from domestic demand and towards net exports, as expected. Barring a minor downward revision in the growth forecast for 2011, the macroeconomic framework of the programme remains appropriate. Programme implementation has been strong: fiscal targets have been met or are on track to be met, a comprehensive strategy to recapitalize, restructure, and deleverage domestic banks has been developed based on thorough stress-tests, and steps have been taken towards the programme's structural reform objectives. Importantly, the new government has taken full ownership of the programme.

Going forward, continued strict

 

14 - Did nominal exchange rate flexibility matter during the global recession? A Czech and Slovak case study

May 2011

The policy brief analyzes the relative performance of the Czech and Slovak economies between the official confirmation of Slovakia's euro-area entry in mid-2008 and end- 2010.

The analysis suggests that both economies continued to evolve in a highly similar manner. Czech real exports, as well as manufacturing production and employment, performed somewhat better, especially during the peak of the crisis. However, Slovak and Czech export performance was basically identical in nominal euro terms. Moreover, Slovakia enjoyed a more stable local financial market situation and also benefited from looser monetary policy conditions in the euro area, which resulted in more favourable non-financial private sector credit developments.

 

 

77 - The Economic Adjustment Programme for Greece - Third review

February 2011

24/2/2011

A joint Commission/ECB/IMF mission met with the Greek authorities in Athens on 27 January – 11 February 2011. The mission assessed compliance by Greece with the terms and conditions of the second review under the economic adjustment programme and updated conditionality for the next reviews.

The document contains in annex the following updated programme documents:

  • the Memorandum of Economic and Financial Policies (MEFP);
  • the Memorandum of Understanding on Specific Economic Policy Conditionality (MoU);
  • the Technical Memorandum of Understanding (TMU)

On 24 February the European Commission assessed measures taken by Greece to remedy the situation of excessive deficit. Subject to the approval of the Eurogroup, the overall assessment of compliance paves the way for the next tranche of loans provided by the euro-area Member States.

 

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