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2012 OECD Economic Surveys: Euro Area 2012

image of OECD Economic Surveys: Euro Area 2012

OECD's 2012 Economic Survey of the Euro examines recent economic developments, policy and prospects.  In addition it includes special chapters cover Euro Area imbalances and Euro Area governance and  structural reforms and their short-term impact.

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Executive summary

The euro area is experiencing a crisis related to sovereign debt in several countries. The crisis has its origins in the build-up of excessive financial, fiscal and economic imbalances in the euro area and the global credit cycle. The resolution of these imbalances has so far been incomplete, leading to a renewed bout of instability beginning in mid-2011. There is a risk that fiscal consolidation and potential bank deleveraging may restrict economic activity before the benefits of healthier public finances and reforms to boost growth materialise. High risk-spreads and self-fulfilling expectations could lead to unsustainable debt dynamics. There is a risk of global spillovers from these developments. This calls for both short-term action and long-term reforms.

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