Euro Area Policies: 2011 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Member Countries

International Monetary Fund

No 2011/184, IMF Staff Country Reports from International Monetary Fund

Abstract: In this study, the risks related to the euro area sovereign debt crisis are analyzed. Methods used to implement the European Financial Stability Facility (EFSF) are overviewed, and the European Stability Mechanism (ESM), the European Systemic Risk Board (ESRB), and the European Supervisory Authority (ESA) are the important framework for financial reforms and macroprudential policies. In this paper, the improvement over the fiscal and structural governance stability and growth pact (SGP) and excessive deficit procedure (SDP) is discussed. Finally, the findings of spillover analysis are outlined.

Keywords: ISCR; CR; euro; authority; single market; crisis; Euro Area authorities; ECB data; Plus Pact; governance framework; Euro area; financial system; interest rate; area flow; Inflation; Commercial banks; Fiscal consolidation; Global; Europe (search for similar items in EconPapers)
Pages: 49
Date: 2011-07-18
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