This Selected Issues paper assesses the youth unemployment problem in advanced European economies, especially the euro area. Youth unemployment rates increased sharply in the euro area after the crisis. Much of these increases can be explained by output dynamics and the greater sensitivity of...

Stand-by Arrangement: Romania successfully completed in June 2013 a 27-monthStand-By Arrangement (SBA), including a three-month extension, equivalent toSDR 3,090.6 million (?3.4 billion, 300 percent of quota). The authorities have requesteda successor 24-month SBA with proposed access of SDR...

EXECUTIVE SUMMARYExtended Arrangement: On May 15, 2013, the Executive Board approved a three-yearExtended Arrangement under the Extended Fund Facility in the amount of SDR 891million (563 percent of quota; about ?1 billion). Two purchases of amounts equivalent toSDR 74.25 million (about ?86...

KEY ISSUESStand-by Arrangement (SBA): A 24-month SBA with access of SDR 1,751.34 million (about ?1.98 billion, 170 percent of quota) was approved by the Executive Board on September 27, 2013. The second and third tranches of SDR 194.7 million each (cumulative SDR 584.1 million) would be made...