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Breaking the Reform Deadlock. 6th Annual Report of the CEPS Macroeconomic Policy Group. CEPS Paperback. July 2004

Mayer, Thomas and Ubide, Angel and Gros, Daniel and Perotti, Roberto (2004) Breaking the Reform Deadlock. 6th Annual Report of the CEPS Macroeconomic Policy Group. CEPS Paperback. July 2004. Series > Centre for European Policy Studies (Brussels) > CEPS Paperbacks . UNSPECIFIED. ISBN 9290795034

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    Abstract

    Euroland is now in its fourth year of unsatisfactory growth. What are the reasons for this and what can be done about it? This report arrives at the following conclusions: 1. Demographic change is already now reducing the growth potential and squeezing government finances. 2. Insufficient investment is the main driver of the productivity slowdown that has weakened growth. 3. To stimulate investment, better coordination among fiscal, structural and monetary policy is needed: Ideally a combination of structural reform, fiscal consolidation and low interest rates. The ECB – as the only widely respected economic policy-making institution in the EU with room for manoeuvre – should become more proactive in pursuing economic policy coordination in order to obtain more progress on structural reform and fiscal consolidation. 4. To foster a more balanced expansion of the world economy and reduce the risk of brutal exchange rate movements, greater cooperation among the central banks of the US, the EU, Japan and China is needed, giving rise to a G4.

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    Item Type: Book
    Uncontrolled Keywords: Economic Policy; economic growth; productivity.
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > energy policy
    EU policies and themes > External relations > international economy
    EU policies and themes > Treaty reform > enlargement
    EU policies and themes > EU institutions & developments > European Central Bank
    Countries > Japan
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    EU policies and themes > Policies & related activities > economic and financial affairs > economic policy
    EU policies and themes > Policies & related activities > economic and financial affairs > fiscal policy
    EU policies and themes > Policies & related activities > economic and financial affairs > monetary policy
    Countries > China
    Subjects for EU documents: UNSPECIFIED
    EU Series: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Paperbacks
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 31 Dec 2011 09:34
    Number of Pages: 91
    Last Modified: 31 Dec 2011 09:34
    URI: http://aei.pitt.edu/id/eprint/32582

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