OECD Economic Surveys European Union and Euro Area 2023
The European recovery has been disrupted since the onset of Russia's war of aggression against Ukraine. Co-ordinated and timely policy action helped avoid a severe downturn, but the near-term outlook is clouded by uncertainty and downside risks. Monetary and fiscal policy need to become suffici...
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| Autor Corporativo: | |
| Formato: | Libro electrónico |
| Idioma: | Inglés |
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Paris :
OECD Publishing
[2023]
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| Edición: | 1st ed |
| Colección: | OECD Economic surveys (Series)
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| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009764929206719 |
Tabla de Contenidos:
- Intro
- Foreword
- Glossary of acronyms
- Executive summary
- The economic recovery has been disrupted by external shocks
- Monetary policy needs to reduce inflation durably
- Fiscal spending must be targeted and sustainable
- Boosting inclusive growth through a stronger and deeper Single Market
- Accelerating the green transition
- Limiting reallocation costs from the green transition
- Basic statistics of the European Union, 2022
- Basic statistics of the Euro Area, 2022
- 1 Key Policy Insights
- The European Union is tackling critical challenges
- Economic recovery has been slow and uneven
- The recovery has been hampered by the energy crisis and high inflation
- A forceful policy response helped to reduce the fallout from the energy crisis
- Growth will slow down in 2023, gradually picking up in 2024
- Monetary policy is broadly appropriate but financial risks are increasing
- The ECB should continue its data-dependent approach to policy
- Inflation has distributional implications, but they are beyond the ECB's mandate
- Unconventional policies should be gradually withdrawn
- Higher interest rates are beginning to weigh on the economy
- Financial sector integration needs to be stepped up
- Fiscal policy needs to become sufficiently restrictive
- Planned public investment may be delayed
- A broad reform of economic governance is needed
- Stronger fiscal councils could help improve compliance more than reliance on sanctions
- The Single Market must be protected and deepened
- Improving product market regulations further would deepen the Single Market
- Strong state aid framework is needed to protect the level playing field
- The EU can help increase resilience
- Avoiding market fragmentation to spur progress towards a digital and green economy.
- Increased labour mobility can mitigate skills shortages and deepen the Single Market
- Strengthening the anti-corruption framework of EU countries and institutions
- References
- 2 Accelerating the green transition
- Progress towards net zero
- The EU's climate mitigation policies
- Towards more efficient mitigation policies
- Free allowances reduce the effectiveness of carbon pricing
- Strengthen carbon markets for sectors not covered by the ETS
- Effective carbon rates vary across countries and sectors
- An internal carbon price can improve efficiency of public spending
- Making financial markets work for the green transition
- Targeting mitigation policies to sectors
- Ramping up mitigation in agriculture
- Accelerating the energy transition
- Bringing down emissions in transportation
- Limiting reallocation costs from the green transition
- References.
