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2004 OECD Economic Surveys: Euro Area 2004

image of OECD Economic Surveys: Euro Area 2004

OECD’s 2004 Economic Review of the Euro area puts forward a number of policy recommendations that seek to heighten the area’s resilience against adverse shocks, to reap the benefits from deeper integration, and to reverse the persistent underutilisation of labour and weak productivity in lagging regions and countries. This edition’s special feature is titled Regions at Work. 

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Assessment and Recommendations

The adoption of the euro by 12 European Union (EU) countries represented a major step forward in the pursuit of economic integration: financial markets have deepened and competition has been stimulated. Business cycles have become more synchronised and structural unemployment has declined. However, the protracted period of sub-potential growth since 2001 has exposed major policy challenges. Policy should focus on boosting non-inflationary growth and strengthening resilience to shocks, fostering cohesion and ...

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