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OECD Economic Surveys: Euro Area 2010

image of OECD Economic Surveys: Euro Area 2010

The 2010 edition of OECD's periodic review of the Euro area economy.  This edition includes chapters covering exiting from the crisis, resolving unsustainable imbalances, rebuilding public finances and fiscal discipline and minimising risks from imbalances in European banking.

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Executive summary

The euro area has experienced a severe recession, followed by a sovereign debt crisis in some euro area countries, in the wake of the global financial crisis. This was the first major test of the robustness of the euro area in a downturn. Swift monetary policy easing, massive intervention to support the financial system and supportive fiscal policy helped to stabilise the financial system and mitigate the contraction in private demand.

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