This site has been archived on 27/01/17

Navigation path

The website of the Directorate General for Economic and Financial Affairs has moved.

You will find all publications issued after July 2015 on the new web presence.

Volume 10 (2011) Issue 1 - Quarterly report on the euro area. April 2011

Author(s): Directorate General for Economic and Financial Affairs (ECFIN). European Commission

Quarterly report on the euro areapdf(712 kB) Choose translations of the previous link 

The April 2011 issue of the Quarterly Report focuses on the EU's economic policy response to the crisis since its outbreak in 2008, placing a particular emphasis on the comprehensive package of policy measures agreed by the European Council in March 2011. The Council's decision to establish a permanent crisis resolution mechanism in the form of the European Stability Mechanism and the sealing of the Euro Plus Pact complement prior policy action spanning the entire economic, budgetary and financial sphere. A second focus section examines the recent upward drift in euro area inflation, stressing the importance of cyclical, but also of structural and political explanatory factors. The acceleration of inflation is found to be mainly driven by commodities prices, especially oil, whereas underlying price pressures remain subdued due to the large amount of spare capacity and well-anchored expectations.

The Report also assesses the macroeconomic impact of higher capital requirements for banks under a move to Basel III regulations, finding that GDP would be lowered slightly over the medium term, but would also be less volatile. A further topic reviews Estonia's path towards the adoption of the euro and emphasises the role of sound economic policymaking in having achieved this goal. A final contribution assesses the ongoing recovery through the lens of the Commission's European Business and Consumer Survey data, which show that the recovery remains on track but is characterised by unusually sluggish and rather unbalanced growth.

Press release 7/4/2011. IP11/449. Inflation in the euro area has picked up, but underlying price pressures remain subdued Choose translations of the previous link 

(Quarterly report on the euro area 1. April 2011. Brussels. PDF. 40pp. Tab. Graph. Free.)

KC-AK-11-001-EN-N (online)
ISSN 1830-6403 (online)

The Quarterly Report on the Euro Area is written by staff of the Directorate General for Economic and Financial Affairs (DG ECFIN). It is intended to contribute to a better understanding of economic developments in the euro area and to improve the quality of the public debate surrounding the area's economic policy.
The views expressed are the author’s alone and do not necessarily correspond to those of the European Commission.
Comments on the report would be gratefully received and should be sent to:

Additional tools

  • Print version 
  • Decrease text 
  • Increase text