Chapter 1: The European Economy: Macroeconomic Outlook and Policy

Lars Calmfors, Giancarlo Corsetti, Michael Devereux, Seppo Honkapohja, Gilles Saint-Paul, Hans-Werner Sinn, Jan-Egbert Sturm and Xavier Vives

EEAG Report on the European Economy, 2007, 15-58

Abstract: This chapter provides a macroeconomic outlook and discusses fiscal and monetary policy options for the euro area. The forecast is one of a mild slowdown in the world economy and a slower – but continued – recovery in the European economy. The need for further fiscal consolidation in the EU countries and for a restructuring of government expenditures in favour of government investment, R&D and education is stressed. A special section analyses how well the common monetary policy has fitted individual countries. The upshot is that there are considerable stabilisation policy costs which have not fallen over time. •

Date: 2007
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Journal Article: Chapter 1: The European Economy: Macroeconomic Outlook and Policy (2009)
Journal Article: Chapter 1: The European Economy: Macroeconomic Outlook and Policy (2008)
Journal Article: Chapter 1: The European Economy: Macroeconomic Outlook and Policy (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:ces:eeagre:v::y:2007:i::p:15-58

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