This paper focuses on euro area policies. The monetary policy stance remains appropriate for now. Fiscal policies are …

derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national … currency with the euro, but can choose when to request permission to do so). For most of these countries, adopting the euro … convergence with the rest of the euro area. …

This 2014 Article IV Consultation highlights that the euro area recovery is taking hold. Real output has expanded for …

adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union … credibility, and that a positive inflation target, as opposed to zero inflation, leads to higher and less volatile output. These … countries supports country-specific flexible inflation targeting. …

This Selected Issues paper examines the acceleration of inflation over the past year in Chile, identifying domestic … compares it with alternative policy rules. The paper concludes that Chile’s framework based on an explicit inflation target, a …

The recent global financial crisis has exposed the limitations of a conventional inflation targeting framework in … and inflation. Possible refinements to the inflation targeting framework in Korea were investigated by taking into account … business cycle fluctuations by mitigating the buildup of factors that lead to large fluctuations in output and inflation. …

ahead. Uruguay’s near-term economic prospects are generally favorable. The main short-term challenge is rising inflation …