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2009 OECD Economic Surveys: Euro Area 2009

image of OECD Economic Surveys: Euro Area 2009

This edition of OECD's periodic survey of the Euro Area economy finds a slowing economy, receding inflationary pressures and financial market turmoil  The survey focuses of key challenges being faced including financial market stability, fiscal policy, and financial integration, innovation and the monetary policy transmission mechanism. An annex looks at wealth effects on household consumption.

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Financial integration, innovation and the monetary policy transmission mechanism

Over the past decade, considerable progress has been made in integrating Europe’s financial markets, facilitated by policies to ensure the free flow of capital and provision of financial services across borders and the adoption of the euro. Financial innovation and enhanced market integration have changed the face of the European financial system, enhancing competitive pressures, although impediments still remain. New financial products have led to the unbundling of risks and large banking groups have emerged, operating across national borders and in multiple market segments. These have increased the inter-linkages between markets and institutions across the euro area, raising questions about whether the speed and the channels of monetary policy transmission in the euro area have changed.

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