2002 OECD Economic Surveys: Euro Area 2002

image of OECD Economic Surveys: Euro Area 2002

This 2002 edition of OECD's periodic review of the Euro Area economy examines recent economic developments, policies and prospects and  includes special features on the fiscal policy framework, monetary management, financial market integration, and the EU's policy processes.

English Also available in: French

Assessment and Recommendations

Output in the euro area has recently been recovering from the 2000-01 slowdown. Growth had decelerated progressively from its peak in the first half of 2000, and turned negative in the fourth quarter of 2001. The slowdown was prompted by a series of shocks, most of them common to the OECD area. Aside from the 11 September events, these included the surge in oil prices in 1999-2000, the bursting of the ICT bubble and the ensuing slump in stock markets. The sharp downturn in foreign demand aggravated the situation. As a result, economic growth declined from 3½ per cent in 2000 to 1½ per cent in 2001, although the policy easing during the year cushioned the downturn to some extent.

English Also available in: French

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