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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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Outlook and Challenges

The adoption of the euro by 12 of the then 15 members of the European Union represented a major step forward in the pursuit of economic integration, building upon and enhancing the achievements of the single market strategy. With the exchange risk disappearing, financial markets have deepened. Funding costs for European corporations have declined and corporate bond issues have soared. Mergers and acquisitions surged, strengthening the corporate sector. Price comparisons have become easier, which stimulates competition. Asymmetric policy ...

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