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This edition of OECD's periodic survey of the Euro Area economy finds a slowing economy, receding inflationary pressures and financial market turmoil The survey focuses of key challenges being faced including financial market stability, fiscal policy, and financial integration, innovation and the monetary policy transmission mechanism. An annex looks at wealth effects on household consumption.
Tables des matières:
Executive summary Assessment and Recommendations Chapter 1. Key Challenges -A slowing economy, receding inflationary pressures and financial market turmoil -Monetary policy must ensure that price stability is maintained -Challenges to build more effective markets and better institutions Chapter 2. Financial Integration, Innovation and Monetary Policy Transmission Mechanism -Financial market deepening -Financial integration in Europe -Financial innovation -Financial innovation and competition affect the channels of monetary policy transmission -Annex 2.A1. Wealth effects on household consumption in the euro area Chapter 3. Financial Market Stability: Enhancing Regulation and Supervision -Introduction -Why prudential regulation is necessary -Recent turmoil in financial markets -The prudential framework for the single European capital market -The wider macro-prudential framework -Recent European prudential initiatives -Areas for improvement in Europe's prudential framework -What regulatory architecture for the European banking industry Chapter 4. Fiscal Policy -Durable progress towards fiscal sustainability has been limited -The role of fiscal policy in the economic cycle -Fiscal aspects of financial sustainability -Taxes and spending should be better designed to promote growth Acronyms and Abbreviations