Euro Area Macroeconomic Developments

The developments over the last few days with the single currency have been unfortunate.

protecting oneself against adverse exchange rate movements

4.1 REAL EURO AREA MACRO DEVELOPMENTS AND STRUCTURAL POLICIES This section reviews real macroeconomic developments , as well as the main challenges to structural economic policies in the euro area .

But recent bad macro news has been bad for markets, owing to the perception of policy inertia.

Despite the legislative progress made, some customary practices are not conducive to the elimination of all forms of discrimination against women.

As a result , the Eurosystem closely monitors and analyses macroeconomic policies and underlying developments in countries outside the euro area .

As a result , the Eurosystem closely monitors and analyses macroeconomic policies and underlying developments in countries outside the euro area .

What the government can then achieve in the way of job creation will be cancelled out by the unfavourable developments for small and medium sized enterprises, in particular.

In the following sub section , macroeconomic developments relating to output , productivity and employment over the past two decades will be reviewed . Competition promotes growth and curbs inflation pressures

The ECB assesses international developments with a view to contributing to a stable macroeconomic environment and sound macroeconomic and financial policies .

In spite of these difficulties , the AWM has proved to serve well as a tool for the quantitative analysis of euro area macroeconomic developments .

consequence of turbulence in financial markets during May and June 2006 and adverse developments in the natural gas market in August and September .

The decrease in euro area corporations profitability , together with negative news from macroeconomic indicators , have weighed negatively on stock market valuations .

ECB staff macroeconomic projections for the euro area On the basis of the information available up to 18 February 2005 , ECB staff have prepared projections for macroeconomic developments in the euro area .

EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 24 November 2006 , Eurosystem staff have prepared projections for macroeconomic developments in the euro area .

ECB staff macroeconomic projections for the euro area On the basis of the information available up to 20 August 2004 , ECB staff have prepared projections for macroeconomic developments in the euro area .

ECB STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 19 August 2005 , ECB staff have prepared projections for macroeconomic developments in the euro area .

6 December 2007 Eurosystem staff macroeconomic projections for the euro area On the basis of the information available up to 23 November 2007 , Eurosystem staff have prepared projections for macroeconomic developments in the euro area .

Eurosystem staff macroeconomic projections for the euro area On the basis of the information available up to 20 November 2004 , Eurosystem staff have prepared projections for macroeconomic developments in the euro area .

EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 22 May 2009 , Eurosystem staff have prepared projections for macroeconomic developments in the euro area .

Eurosystem staff macroeconomic projections for the euro area On the basis of the information available up to 17 May 2004 , Eurosystem staff have prepared projections for macroeconomic developments in the euro area .

Box ECB STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 23 February 2007 , ECB staff have prepared projections for macroeconomic developments in the euro area .

EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 24 May 2007 , Eurosystem staff have prepared projections for macroeconomic developments in the euro area .

1 Towards the end of 2002 , they declined by more than 2 percentage points , reflecting positive macroeconomic and fiscal developments .

Otherwise , adverse developments might cause the deficit to quickly exceed that value again .

To give only one example , it is extremely hard to integrate the information relating to monetary developments in a meaningful way in macroeconomic forecasts .

OLAF ( European Anti Fraud Office ) the office of the European Commission which investigates fraud and other irregular action in the European Community in the case of a reasoned suspicion . In July 2003 the European Court of Justice ( ECJ ) ruled that OLAF 's investigating powers also extend to the ECB .

Monetary policy strategy the general approach to the conduct of monetary policy . The monetary policy strategy of the ECB comprises a quantitative definition of the primary objective of price stability and an analytical framework based on two pillars economic analysis and monetary analysis which forms the basis of the Governing Council 's overall assessment of the risks to price stability and its monetary policy decisions .

Minimum bid rate lower limit to the interest rates at which counterparties may submit bids in the variable rate tenders of the main refinancing operations . This is one of the key ECB interest rates reflecting the stance of monetary policy .

International investment position ( i.i.p. ) the value and composition of an economy 's outstanding net financial claims on ( or financial liabilities to ) the rest of the world .

Second , an investigation was carried out on the possible use of macroeconomic data in the supervisory process and the links between macroeconomic developments and fragility in banking systems as a whole and at the level of individual institutions .

4.1.3 Rural communities are particularly vulnerable to the rapid macroeconomic shifts that are taking place unless these communities get parity of access to broadband connectivity they face inevitable decline.

1.2 Macroeconomic developments in the EU Real GDP growth in the EU accelerated Initially , real GDP growth in the EU in 1997 followed the pattern of subdued developments also observed in early 1996 as unusually severe weather conditions again tended to depress construction in the first quarter .

The ECB assesses international economic policy developments with a view to contributing to a stable macroeconomic environment and sound macroeconomic and financial policies .

OTHER EU POLICIES The ECB monitored developments in the field of EU climate change and energy policies , in view of their potential impact on macroeconomic developments , price stability and fiscal positions .

Addressing macroeconomic imbalances

The vulnerability of the euro area financial institutions to adverse developments has diminished considerably on account of sustained positive results , and the outlook remains positive

Short and medium term priorities

Chapter I Economic developments in the European Union 1 2 External macroeconomic conditions Economic developments in the euro area 2.1 Price developments 2.2 Output , demand and labour markets 2.3 Fiscal developments 2.4 Foreign trade 2.5 Bond and stock markets 2.6 National monetary policies during 1998 2.7 The monetary policy of the Eurosystem Economic developments in non euro area EU countries 3.1 Denmark 3.2 Greece 3.3 Sweden 3.4 United Kingdom 18 22 22 24 32 36 38 43 48 55 55 56 58 59

Adverse climatic conditions

Interactions between macroeconomic policies

What should our starting point be for this debate?

In addition , the Governing Council stressed that there were downside risks to these projections , linked to potential unfavourable developments in the oil market .

Macroeconomic Research in European Parliamentary Assemblies