Author(s): Directorate General for Economic and Financial Affairs (ECFIN). European Commission
The focus section takes a look at cross-country growth differences in the euro area since the crisis and their main drivers. It finds that cyclical differences have recently reached record highs and also documents a worrying trend of income divergence. A first special topic discusses the short-term outlook for inflation using a simple open-economy New Keynesian Phillips curve. The second special topic discusses how institutional structures of housing and mortgage markets affected market developments during the last cycle. The third and final special topic presents a new indicator of external competitiveness based on sector unit labour costs.
|KC-AK-14-002-EN-N (online)||KC-AK-14-002-EN-C (print)|
|ISSN 1830-6403 (online)||ISSN 1725-5759 (print)|
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: ECFIN-QREA@ec.europa.eu