OECD's 2012 Economic Survey of the Euro examines recent economic developments, policy and prospects. In addition it includes special chapters cover Euro Area imbalances and Euro Area governance and structural reforms and their short-term impact.
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Executive summary Assessment and recommendations -The euro area sovereign debt crisis threatens the financial system and growth -The emerging recession is driven by tightening financial conditions and weak confidence -The crisis must be resolved by restoring confidence and dealing with the underlying causes -Monetary policy should continue to support nominal demand through maintaining price stability while the public finances are repaired -The public finances need to be strengthened -An ambitious package of structural reforms is needed to boost growth and rebalance the euro area -Stronger EU fiscal, financial and structural governance is needed to create stability -Financial governance is key to preventing future imbalances -Bibliography Chapter 1.A sustainable euro area -Rebalancing the euro area economy -Near-term crisis management measures are needed to avoid a very abrupt adjustment and contagion -Strengthening euro area economic, fiscal and financial governance -Bibliography Chapter 2.Structural reforms to create balanced growth and resolve imbalances -Boosting growth and raising real incomes across the board -It takes time for the full gains to be achieved, but many reforms can boost activity in the near term -Structural reforms are needed to rebalance the euro area economy -Is there a case for co-ordination of structural reforms? -Bibliography Glossary