This 2005 Article IV Consultation highlights that economic activity in the Eastern Caribbean Currency Union (ECCU) has accelerated since mid-2003 owing to an acceleration of activity in the tourism and construction sectors. Inflation has been stable and monetary aggregates have been expanding...

The staff report on discussions with regional institutions of the West African Economic and Monetary Union is presented. The region faced a number of challenges in 2011, with the intensification of the political crisis in Côte d’Ivoire and a large increase in global food and fuel prices. A...

The euro area recovered from the economic doldrums. Executive Directors welcomed the recovery, supported by strong financial conditions, global growth, and improved financial positions. They encouraged the reformed Stability and Growth Pact over fiscal policies, and underscored the need for...

The staff report on Euro Area Policies highlights cyclical growth developments and risks. The area’s real GDP growth has picked up, responding to strong foreign demand and relaxed financial conditions. The final domestic demand growth remains subdued, and the area lags global growth by a large...

This report describes the monetary and exchange rate policies of the euro area and the euro area stability programs. The Stability and Growth Pact presents annual stability programs (SPs), which outlines the medium-term fiscal objectives. The paper provides a preliminary review of the SPs,...

The report on the Netherlands on the Observance of Standards and Codes discusses the fiscal transparency module and the Aide-Mémoire regarding the fiscal framework. The roles and responsibilities of and within government are, in general, clearly defined and, in many areas, the Netherlands sets...

The continuing weakness of activity in the euro area reflects an amalgam of cyclical and long-term forces that are likely to shape the outlook and to challenge policies. Financial conditions in the area have improved along with those in global markets, though financial fragilities may be...

The 2012 Article IV Consultation report on euro area policies highlights that investors are withholding funding from member states most in need, moving capital “north” and abroad to perceived safer assets. Executive Directors have noted that the euro area continues to face a number of...

This paper examines the monetary and exchange rate policies of the euro area and the trade policies of the European Union. The paper highlights that the overall economic performance of the euro area has been disappointing: growth has been weaker and inflation higher than generally expected. To a...