Bericht
Macroeconomic imbalances in the euro area: Where do we stand?
This occasional paper reviews the macroeconomic developments in the euro area countries over the past 20 years. It analyses the accumulation of macroeconomic imbalances in the first decade of the EMU and their unwinding during the second decade. It shows that while flow imbalances have been corrected to a large extent, stock imbalances persist. The presence of large stock imbalances implies that the adjustment process needs to continue in the years to come. Accordingly, this paper reviews the national responses so far and the importance of well-functioning national economic structures for facilitating the adjustment process within the EMU. It shows that national structural policies are able to stimulate the supply side of the economy, increase adjustment capacity and mitigate the adverse growth effects of high debt and deleveraging. Finally, it gives an overview of the European response to address macroeconomic imbalances, i.e. the establishment of the Macroeconomic Imbalance Procedure (MIP). The MIP has contributed to increasing the general attention given to macroeconomic imbalances in the euro area and to the critical role that structural reforms play in facilitating their adjustment. Looking forward, further steps would appear to be warranted in order to move from greater awareness towards stronger ownership and implementation of reforms.
- ISBN
-
978-92-899-3370-4
- Language
-
Englisch
- Bibliographic citation
-
Series: ECB Occasional Paper ; No. 211
- Classification
-
Wirtschaft
Institutions and the Macroeconomy
Macroeconomic Issues of Monetary Unions
Economywide Country Studies: Europe
- Subject
-
Monetary Union
stock and flow imbalances
economic resilience
structural reforms
Macroeconomic Imbalance Procedure
- Event
-
Geistige Schöpfung
- (who)
-
Pierluigi, Beatrice
Sondermann, David
- Event
-
Veröffentlichung
- (who)
-
European Central Bank (ECB)
- (where)
-
Frankfurt a. M.
- (when)
-
2018
- DOI
-
doi:10.2866/524051
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Bericht
Associated
- Pierluigi, Beatrice
- Sondermann, David
- European Central Bank (ECB)
Time of origin
- 2018
Other Objects (12)
Euro Area Imbalances
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Real Convergence Across the Euro Area: What Role Do Macroeconomic Imbalances Play?
Macroeconomic Imbalances and the Euro Zone. Alternative Views
Competitiveness and external imbalances within the Euro area
Competitiveness and external imbalances within the euro area
Euro area external imbalances and the burden of adjustment
Can labour mobility reduce imbalances in the euro area?
Current Account Imbalances and the Euro Area: Alternative Views
Forecasting Euro Area Macroeconomic Aggregate Variables
The Euro area's macroeconomic balancing act
Euro Area Imbalances
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Real Convergence Across the Euro Area: What Role Do Macroeconomic Imbalances Play?
Macroeconomic Imbalances and the Euro Zone. Alternative Views
Competitiveness and external imbalances within the Euro area
Competitiveness and external imbalances within the euro area
Euro area external imbalances and the burden of adjustment
Can labour mobility reduce imbalances in the euro area?
Current Account Imbalances and the Euro Area: Alternative Views
Forecasting Euro Area Macroeconomic Aggregate Variables
The Euro area's macroeconomic balancing act
Euro Area Imbalances
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Real Convergence Across the Euro Area: What Role Do Macroeconomic Imbalances Play?
Macroeconomic Imbalances and the Euro Zone. Alternative Views
Competitiveness and external imbalances within the Euro area
Competitiveness and external imbalances within the euro area
Euro area external imbalances and the burden of adjustment
Can labour mobility reduce imbalances in the euro area?
Current Account Imbalances and the Euro Area: Alternative Views
Forecasting Euro Area Macroeconomic Aggregate Variables