Adjusting to Leaner Times. 5th Annual Report of the CEPS Macroeconomic Policy Group. CEPS Paperback. July 2003

Jimeno, Juan F. and Mayer, Thomas and Thygesen, Niels and Ubide, Angel and Gros, Daniel (2003) Adjusting to Leaner Times. 5th Annual Report of the CEPS Macroeconomic Policy Group. CEPS Paperback. July 2003. Series > Centre for European Policy Studies (Brussels) > CEPS Paperbacks . UNSPECIFIED. ISBN 9290794437

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Abstract

This is the fifth in a series of annual reports produced by the CEPS Macroeconomic Policy Group (MPG), composed of distinguished economists from throughout Europe who have undertaken to carry out independent, in-depth research on current developments in the European economy. This year’s report documents the ongoing slowdown in productivity growth in Euroland and concludes that it cannot be cured by an expansionary fiscal policy. On the contrary, governments should concentrate on pension reform and cuts in age-related entitlements, in view of their rapidly ageing populations. The group broadly welcomes the strategic review underway at the European Central Bank, but the ECB should look more at financial structures than at money supply numbers. The report also advocates the creation of a ‘Mr Euro’.

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