Chapter 1: The European Economy: Current Situation and Economic Outlook for 2005
This chapter discusses the current situation and economic outlook for 2005 for the European economy. As a main scenario, it is forecasted that GDP in the euro area will grow at about the same rate as in 2004, that is around 13/4 percent on average. The recovery remains fragile and depends on continued growth in the world economy. The recent rise of the euro against the dollar and any additional oil price hikes represent significant downside risks to the basic scenario. For economic policy the basic scenario is that interest rates remain at current levels and that the stance of fiscal policy is similar to 2004. An appendix to the chapter reviews the current problems with the Stability and Growth Pact of the EU.
Volume (Year): (2005)
Issue (Month): (03)
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- Lars Jonung & Martin Larch, 2004.
"Improving fiscal policy in the EU: the case for independent forecasts,"
European Economy - Economic Papers 2008 - 2015
210, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
- Lars Jonung & Martin Larch, 2006. "Improving fiscal policy in the EU: the case for independent forecasts," Economic Policy, CEPR;CES;MSH, vol. 21(47), pages 491-534, 07.
- Lars Calmfors, 2003. "Fiscal Policy to Stabilise the Domestic Economy in the EMU: What Can We Learn from Monetary Policy?," CESifo Economic Studies, CESifo, vol. 49(3), pages 319-353.
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