By OECD Organisation for Economic Co-operation and Develop
This version of OECD's periodic survey of the Euro zone economic system reveals a slowing economic climate, receding inflationary pressures and fiscal marketplace turmoil The survey focuses of key demanding situations being confronted together with monetary marketplace balance, monetary coverage, and fiscal integration, innovation and the financial coverage transmission mechanism. An annex appears to be like at wealth results on family intake.
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Extra info for OECD Economic Surveys: Euro Area
The ageing challenge Over the next half-century, countries in the euro area are set to experience a significant ageing of their population, more so than for example the United States, although less severe than Japan. ) to GDP from a current level which is on average already considerably higher than in many other OECD countries. The projections show that sound public finances during this period of rapid ageing are a prerequisite for success to cope with this problem; higher public savings, along with pension and labour market reform, are needed to reduce public indebtedness.
1, upper panel). 4 per cent in June due to oil price increases and unfavourable base effects. Core inflation, as measured by HICP inflation excluding energy, food, alcoholic beverages and tobacco, has been below the 2 per cent mark since mid-2002, hovering in the 1½-2 per cent range, with higher frequency measures suggesting that it is likely to stay in this range in the immediate future. Meanwhile, long-term inflation expectations derived from surveys seem to be firmly anchored at slightly below 2 per cent.
OECD 2004 Managing the single currency 51 structures, business cycle synchronisation, the degree of trade and financial integration, the flexibility of goods prices and wages as well as factor mobility. According to the OCA literature, if these criteria are fulfilled a country can abandon the exchange rate as an adjustment tool. g. Frankel and Rose, 1998) have highlighted the endogenous character of the OCA criteria. Since the new member countries are mostly transition economies, it is reasonable to assume that if they joined the euro area too soon, the area would be less integrated than the current area and that it would face more and different shocks than the current one.