Euro-Mediterranean Process - Union for the Mediterranean: Macroeconomic and financial developments during the global crisis at the southern rim of the Mediterranean
Although the global financial and economic crisis hurt economies worldwide, the economies at the southern Mediterranean region have done relatively well to weather this global hurricane. Economic growth in the region has slowed down but the size of the trough of these economies' business cycle has ultimately been dependent on the length and vigour of domestic economic policy reactions. Escaping from a difficult period featuring soaring food and oil prices the economies of the southern Mediterranean region are faced with new challenges that impact both their real and financial sectors, as negative effects from their real sector spilled over to their financial sectors. This chapter analyzes recent macroeconomic, monetary and financial developments, the use of fiscal, monetary and financial policy instruments, the volatility at their financial markets, trade openness and the imperative need for good governance which is the umbrella under which economic policy instruments are called to operate.
|Date of creation:||Aug 2009|
|Date of revision:||Jul 2010|
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- Michael Sturm & François Gurtner & Juan Gonzalez Alegre, 2009. "Fiscal policy challenges in oil-exporting countries – a review of key issues," Occasional Paper Series 104, European Central Bank.
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