This paper investigates the degree of bank competition in the euro area, the U.S. and U.K. before and after the recent financial crisis, and revisits the issue whether the introduction of EMU and the euro have had any impact on bank competition. The results suggest that the level of bank...

The paper uses survey data to analyze whether financial market expectations on government budget deficits changed in France, Germany, Italy, and the United Kingdom during the period of the Stability and Growth Pact (SGP). Our findings indicate that accuracy of financial expert deficit forecasts...

Strengthened macroeconomic and structural policies, underpinned by improved monetary and fiscal policy frameworks, have contributed to the United Kingdom's achievements. Executive Directors commended these developments, and supported the focus of policies to encourage innovation and...

KEY ISSUES The economy has rebounded strongly and prospects are promising. Headwinds that previously held back the economy—relating notably to credit conditions and confidence—have eased. Nonetheless, sustaining strong growth will depend on a recovery in productivity growth and further...

This Selected Issues paper focuses on the housing and business cycles in the United Kingdom. The UK housing cycle is highly volatile as a result of tight housing supply constraints and fluctuations in credit conditions. Housing supply-side constraints can be alleviated through changes to the...

The need to revive Euro area growth highlights the importance of the evolution of domestic and external demand in the core. This paper puts recent demand patterns in France, Germany, and Belgium into historical perspective. We find that, first, dynamics for private consumption, non-residential...

This paper discusses the report on International Financial Statistics (IFS) Supplement on Monetary and Financial Statistics. Issued in three parts, this annual publication contains balance of payments and international investment position data. Part 1 of this report provides detailed tables on...

This paper presents the special quarterly supplement to the International Financial Statistics (IFS) 2006. The IMF is publishing the monetary statistics for those member countries that have commenced the reporting, on a regular basis, of monetary data that accord with the methodology in the...

In this special quarterly supplement to the International Financial Statistics, the IMF is publishing the monetary statistics for those member countries that have commenced the reporting, on a regular basis, of monetary data that accord with the methodology in the IMF's Monetary and Financial...