Euro Area Policies: 2024 Annual Consultation-Press Release; Staff Report; and Statement by the Executive Director for Member Countries

Euro Area Policies: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Member Countries
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Volume/Issue: Volume 2024 Issue 248
Publication date: July 2024
ISBN: 9798400283574
$20.00
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Topics covered in this book

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Labor , Inflation , Economics- Macroeconomics , Environmental Conservation and Protection , EU institution , EU industrial , headline inflation , EU climate , two-sided inflation risk , Inflation , Labor markets , Fiscal consolidation , Europe , Global

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Summary

The euro area economy has been resilient in the face of multiple, large shocks, including the pandemic, Russia’s gas shut-off, and fallout from the war in Ukraine. Nonetheless, the adverse shocks have had persistent effects which shape economic prospects. Energy-intensive industries, in particular, have struggled to adjust to higher input costs and continue to underperform. Despite subdued overall activity, employment growth remains robust. Inflation has declined significantly from its late-2022 peak in response to the ECB’s policy tightening and the decline in commodity prices.