Euro Area: Staff Report on the Monetary and Exchange Rate Policies of the Euro Area and the Trade Policies of the European Union; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director on Monetary and Exchange Rate Policies of the Euro Area

International Monetary Fund

No 2002/235, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper examines the monetary and exchange rate policies of the euro area and the trade policies of the European Union. The paper highlights that the overall economic performance of the euro area has been disappointing: growth has been weaker and inflation higher than generally expected. To a large extent, this is the result of a series of unanticipated shocks—oil prices and animal diseases earlier, and the global slowdown and the associated financial market turmoil more recently. However, the performance also appears to reflect a greater-than-anticipated vulnerability to shocks.

Keywords: ISCR; CR; monetary policy; price; headline HICP inflation; euro; bond yield; service price inflation; developing country; financial market turbulence; EU trade policy; growth path; monetary policy strategy; strategy of the ECB; oil price increase; EU company; Inflation; Price stabilization; Fiscal stance; Fiscal consolidation; Labor markets; Global; Middle East; North America; Asia and Pacific (search for similar items in EconPapers)
Pages: 48
Date: 2002-10-29
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