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HomeSurveillance of intra-euro-area competitiveness and imbalances
Surveillance of intra-euro-area competitiveness and imbalances
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The first decade of EMU has witnessed steady competitiveness divergence between euro-area Member States together with the emergence of large differences in current account positions. These trends are a cause of concern both for individual Member States and for the functioning of EMU. The Eurogroup has discussed the issue repeatedly in recent years and agreed in 2008 to initiate a regular review of competitiveness divergences and macroeconomic imbalances within the euro area. The present report is part of the European Commission’s input to the review carried out by the Eurogroup in 2010. It provides a comprehensive assessment of the external performance of euro-area Member States since the launch of the euro, focusing in particular on the impact of the global financial and economic crisis. It also reviews possible policy responses. The competitiveness assessment is broad-based, drawing on the examination of a wide range of indicators. It also includes a review of the domestic imbalances that underlie changes in competitive positions, including excessive growth in private-sector credit and asset prices in some Member States.
- Published:
- Corporate author(s): Directorate-General for Economic and Financial Affairs (European Commission)
- Themes: Economic policy — Economic and monetary union
- Subject: competitiveness , economic analysis , Economic and Monetary Union , economic recession , euro area , macroeconomics , world economy
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| ISSN 0379-0991 | ISBN 978-92-79-14686-2 | DOI 10.2765/35373 | Catalogue number KC-AR-10-001-EN-C |
- Released on EU Publications:
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