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OECD Economic Surveys: European Union 2016

image of OECD Economic Surveys: European Union 2016

This 2016 OECD Economic Survey of the European Union examines recent economic developments, policies and prospects. The special chapter cover: Priorities for completing the Single Market.

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Assessment and recommendations

Europe has made important progress in harnessing and reinforcing its policies and institutions to recover from a double-dip recession and improve crisis management. Very supportive monetary policy has helped growth to pick up gradually over the past three years (, Panel A), and contributed to reduce tensions in sovereign debt markets (, Panel B). The effect of fiscal policy on demand has turned broadly neutral. Important building blocks of banking union, on both supervision and resolution fronts, have come into operation, improving the resilience of the European financial system. Confidence in the European project has recovered from its lows in 2013, although it is still well below what it was before the crisis ().

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