scholarly journals Fiscal Consolidation in the Euro Area: How Much Can Structural Reforms Ease the Pain?

2013 ◽  
Author(s):  
Derek Anderson ◽  
Benjamin Hunt ◽  
Stephen Snudden
2013 ◽  
Vol 13 (211) ◽  
pp. 1 ◽  
Author(s):  
Derek Anderson ◽  
Ben Hunt ◽  
Stephen Snudden ◽  
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◽  
...  

2014 ◽  
Vol 36 (5) ◽  
pp. 785-799 ◽  
Author(s):  
Derek Anderson ◽  
Benjamin Hunt ◽  
Stephen Snudden

2015 ◽  
Author(s):  
Angana Banerji ◽  
Bergljot Barkbu ◽  
James John ◽  
Tidiane Kinda ◽  
Sergejs Saksonovs ◽  
...  
Keyword(s):  

2019 ◽  
Vol 19 (383) ◽  
Author(s):  

Tighter macroeconomic and financial policies helped to avert a deeper crisis, and gross external reserves increased more rapidly in recent months, largely exceeding the mid-2019 target. However, reserves are still below the level appropriate for commodityexporting economies (5 months of imports) to absorb terms of trade shocks. Fiscal consolidation has been tilted towards cuts in public investment. This, together with a lack of significant progress in structural reforms, has weighed on growth which remains too low. The outlook for 2019 and beyond foresees further improvement in regional reserves assuming CEMAC countries remain committed to their program objectives and new programs with CAR and Equatorial Guinea could start around end-2019. This outlook is subject to potentially significant risks, including: a significant slowdown in global growth and associated decline in oil prices; a deterioration in the security situation in some countries; and weaker implementation of IMF-supported programs.


Subject The outlook for the October 4 parliamentary election. Significance The October 4 parliamentary election will be the first since Portugal exited its euro-area/IMF bailout. The poll launches a Portuguese electoral cycle which includes the January 2016 presidential election, and a series of parliamentary elections in euro-area post-bailout states, with Spain and Ireland to follow. Opinion polls suggest a tight race between the governing two-party centre-right alliance and the main opposition Socialists (PS), but -- in contrast to other bailout states -- no breakthrough by any new or radical force. Impacts Given the closeness of parties' opinion poll standings, the campaign period could be decisive. Whatever its make-up, the next government is likely to be committed to fiscal consolidation and Portugal's post-bailout obligations. An election win for Portugal's governing centre-right would be a pre-election fillip for its counterpart in Spain.


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