| Popis: |
The euro crisis has exposed the structural weaknesses of Europe’s model of growth and the differences within the region, and has made evident the deficiencies in the governance of EMU. Countries in the euro periphery have been suffering from long-standing fiscal problems, under-performing economies and imbalances, and a widening gap in competitiveness against “core” countries. They face problems which require a combination of urgent priorities and long-term measures. In the immediate future they have to convince markets that their fiscal plans will reduce debt but without a collapse in growth, and to normalise their banks’ access to market funding. In the longer term they need to achieve sustainable increases in growth, and to improve competitiveness and their external payments positions. Structural measures to address the long-term challenges of rebalancing the euro economy, dealing with regional growth differentials and supporting GDP growth are necessary for the future survival and stability of the euro. Changes to the governance of the euro are also required so that countries follow policies that are consistent with the requirements of a common currency, and so that the burden of policy adjustment is borne more equitably. |
