First published on
12 January 2016 (last update on: 12 January 2016)
Institutional Paper 16

Quarterly Report on the Euro Area (QREA), Vol.14, No.4 (2015)


This edition of the QREA reviews the issue of shocks and adjustment in the light of recent crises. It analyses the functioning of a key internal adjustment process in EMU, the "relative price mechanism", as well as the "real interest rate mechanism". It also reviews the different implications of high levels of indebtedness.


Loublier Mohl Ruscher Vašíček Walsh

Information and identifiers

Institutional Papers 16. January 2016. Brussels. PDF. 68pp. Tab. Graph. Free.

KC-BC-16-016-EN-N (online)  
ISBN 978-92-79-54307-4 (online)  
ISSN 2443-8014 (online)  
doi: 10.2765/906035(online)  

JEL classification: A10, C10, E00, E61, F15, F45


European Economy Institutional Papers are important reports analysing the economic situation and economic developments prepared by the European Commission's Directorate-General for Economic and Financial Affairs, which serve to underpin economic policy-making by the European Commission, the Council of the European Union and the European Parliament. Views expressed in unofficial documents do not necessarily represent the views of the European Commission.


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