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Zone euro : le calice de l'austérité jusqu'à la lie. Perspectives 2013-2014 pour l'économie européenne

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Listed:
  • Céline Antonin
  • Christophe Blot
  • Danielle Schweisguth

Abstract

Despite new hopes raised during the second semester of 2012, the Euro area is not yet out of recession. It has been following an economic strategy aiming at reducing budget deficits but hampering growth prospects. Budgets for 2013 have already been adopted by parliaments and lead to further consolidation, thereby maintaining the Euro area in recession. GDP will indeed fall by 0.4% in 2013. Consolidation will slow down in 2014 as more countries reach the 3% threshold for deficits. Growth will be back in the Euro area (0.9%), but it will be insufficient to lower unemployment. Besides, the balance of risks will remain on the downside as deflationary pressures intensify in the wake of the situation in Spain or Greece. JEL Classification: F01.

Suggested Citation

  • Céline Antonin & Christophe Blot & Danielle Schweisguth, 2013. "Zone euro : le calice de l'austérité jusqu'à la lie. Perspectives 2013-2014 pour l'économie européenne," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 59-99.
    • Handle: RePEc:cai:reofsp:reof_129_0059
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    Keywords

    European macroeconomic forecasts;

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook

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