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OECD's periodic review of the euro area economy. This edition examines whether the recovery is sustainable. Its chapters cover managing diversity, monetary policy and fiscal policy.
Table of contents:
Executive Summary Assessment and Recommendations Chapter 1. Managing Diversity -Recent Economic Performance -Is Monetary Union Fostering Economic Union? -The Gains from the Single Currency Are Being Offset by a Lack of Resilience -Summing Up: Making Monetary Union a Smoother Ride Annex 1.A1. Entry Criteria for the Euro Area Chapter 2. Monetary Policy -The Monetary Stance -Global Imbalances May Adversely Affect the Euro Area -The Transmission Mechanism Could be Made More Powerful -The Role of Monetary Aggregates in Monetary Policy Annex 2.A1. Headline and Core Inflation: What Attracts What? Annex 2.A2. Is Money a Useful Indicator? Chapter 3. Putting Fiscal Policy Back on Track -There Has Been No Improvement in the Area-Wide Fiscal Position since 1999 -Policy Changes Are Needed Glossary