Cover; Contents; Foreword; Acknowledgments; Preface; Contributors; Abbreviations and Acronyms; PART I: THE LEGACIES OF THE CRISIS; 1 Investment in the Euro Area: Why Has It Been Weak?; 2 Indebtedness and Deleveraging in the Euro Area; 3 Rebalancing: Where Do We Stand and Where to Go?; PART II: THE ROLE OF MONETARY POLICY AND THE FISCAL FRAMEWORK; 4 Fragmentation, the Monetary Transmission Mechanism, and Monetary Policy in the Euro Area; 5 Possible Subordination Effects of Eurosystem Bond Purchases; 6 An Early Assessment of Quantitative Easing
7 Fiscal Consolidation under the Stability and Growth Pact: Some Illustrative Simulations8 Fiscal Governance in the Euro Area: Progress and Challenges; PART III: COMPLETING THE ECONOMIC AND MONETARY UNION (EMU); 9 A Banking Union for the Euro Area; 10 Toward a Fiscal Union for the Euro Area; PART IV: THE ROLE OF STRUCTURAL POLICIES AT THE EURO AREA LEVEL; 11 Capital Market Development: Financing of Small and Medium-Sized Enterprises in the Euro Area; 12 Youth Unemployment in Europe: Okun's Law and Beyond; Index; A; B; C; D; E; F; G; H; I; J; L; M; N; O; P; Q; R; S; T; U; V; W
Summary
Among member states, many structural weaknesses were exposed when economic performance declined significantly and financial markets became more discerning. This book focuses on the analytical underpinnings of real-time policy advice given to euro area policymakers during four cycles of the IMF's annual Article IV consultations (2012-15) with euro area authorities
