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You are looking at 1 - 10 of 14 items for :

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Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. European Dept.

IMF Country Report No. 22/29

Keywords:
upside inflation risk; Euro Area output; area trade; ECB's inflation target; euro area member states
Cover IMF Staff Country Reports
Republic of Croatia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Croatia
International Monetary Fund. European Dept.
As other emerging economies reliant on tourism (about 25 percent total contribution of tourism-related industries in GDP and employment), Croatia has been hit hard by the pandemic and two devastating earthquakes, leading the economy to contract by 8.0 percent in 2020. Vaccinations have been rolled out to about 38 percent of the population (end-June 2021). Staff projects growth to bounce back to 5.4 percent in 2021, driven by a rebound in the services sector and investment, aided by fiscal and monetary policies, and bolstered by large EU grants over the medium-term.
Keywords:
EU funds; monetary policy stance; expansionary fiscal policy; targeted monetary policy response; EU investment grant; COVID-19; Tourism; Loans; Global
Cover IMF Staff Country Reports
Cyprus: Selected Issues
International Monetary Fund
The financial sector is mostly comprised of the banking sector, which largely provides insurance and asset management services. A large part of banking system assets relates to subsidiaries and branches of foreign banks. The banking sector poses risks by virtue of its size and concentration. The Cypriot banking system has weathered the crisis better than many other euro zone area countries. Significant headwinds for the overall banking system are expected, and the cooperative banks appear particularly vulnerable.
Keywords:
ISCR; CR; Cyprus; bank; Cypriot bank supervisor; labor productivity growth; current account; capital threshold; Cyprus economy; parent bank; market share; Cypriot labor market; Commercial banks; Output gap; Cooperative banks; Nonperforming loans; Potential output; Global; Eastern Europe; Southern Europe
Cover IMF Staff Country Reports
Greece: Staff Report for the 2004 Article IV Consultation
International Monetary Fund
The staff report for the 2004 Article IV Consultation on Greece focuses on economic developments and policies. Rising incomes and a falling, though still high, unemployment rate underpinned strong household consumption, while increased profitability spurred investment spending, especially construction. Inflation has been above the euro area average, eroding international competitiveness and export market shares. Regarding structural policy, the authorities recognized that Greece still lags significantly behind the European Union in real per capita income despite the economic boom.
Keywords:
ISCR; CR; government; deficit; GDP; Medium-Term Program; Olympics spending; authorities' growth; inflation assumption; state intervention; Fiscal stance; Government debt management; Budget planning and preparation; Europe; Global
Cover IMF Staff Country Reports
Spain: 2008 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion
International Monetary Fund
This 2008 Article IV Consultation highlights that after 15 years of impressive growth led by a housing boom, the Spanish economy has entered a sharp downturn in the wake of the global liquidity squeeze since mid-2007. Executive Directors have commended the authorities for their timely and substantial fiscal and financial sector responses to help cushion the downturn. They have emphasized that these efforts need to be complemented by reforms to bolster competitiveness and to avoid a prolonged period of slow growth and high unemployment.
Keywords:
ISCR; CR; service market reform indicator; discussion; consultation; euro; staff appraisal; bank consolidation; euribor interest rates; housing market downturn; Housing prices; Housing; Fiscal stance; Credit; Global
Cover IMF Staff Country Reports
Cyprus: Selected Issues Paper
International Monetary Fund
The Selected Issues Paper focuses on Cyprus' banking sector vulnerabilities and its pension system. The most salient risks for the banking sector come from commercial banks domiciled in Cyprus. These banks have the strongest links with the local economy and are likely to experience further deterioration of their loan portfolios in both Greece and Cyprus. The paper reveals that, in 2011, Cypriot banks face capital needs estimated at €3.6 billion on a preliminary basis.
Keywords:
ISCR; CR; authority; export; Cyprus; pay; service export; ECB funding; bank equity valuation; capital needs; fiscal consolidation effort; Pensions; Retirement; Pension spending; Service exports; Budget planning and preparation; Europe; Global; Middle East; Australia and New Zealand; Southern Europe
Cover IMF Staff Country Reports
Germany: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Germany
International Monetary Fund. European Dept.
This paper discusses the economic performance of Germany. The economy of Germany is projected to slowly rebalance, with domestic demand supported by tight labor market, accommodative monetary conditions, and, in 2016, a fiscal expansion. Declining medium-term growth prospects, however, continue to hold back domestic investment and push up savings, preventing faster rebalancing. Progress has been slow on addressing needs in public infrastructure and stimulating competition in services sector, while mounting aging costs and a successful labor market integration of women and refugees require further policy action. Full use of the room available under fiscal rules to finance additional public investment and growth-friendly structural reforms would be appropriate.
Keywords:
ISCR; CR; core inflation; Germany; government; GDP; headline inflation; IMF staff calculation; staff assessment candid; government plan; article IV consultation discussion; house price development; credit growth; growth momentum; Labor markets; Wages; Employment; Commercial banks; Global; Europe
Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. European Dept.

, of 5.4 and 5.8 percent growth respectively driven by a rebound in the services sector (assuming % and nearly full recovery of tourist arrivals in 2021, and 2022 respectively), and investment which will be bolstered by large EU investment grants over the medium-term. Over the medium term, growth is projected to ease closer to 3 percent. Inflation is projected to pick up and stay at 2 percent through 2023, in line with the ECB inflation target. There are large risks on both sides, including from virus mutations in the near-term which could result in significant

Keywords:
EU grant; next gen EU; transparency policy; IMF recommendation; one-off investment retrenchment
Cover IMF Staff Country Reports
Cyprus: Selected Issues
International Monetary Fund

detailed description of the baseline model. 8 The steady-state level of unemployment in the long run U ¯ s s and the steady-state growth rate G S S Y ¯ are assigned priors equal to 3.63 and 3.5 respectively, the steady-state inflation target π ss is assumed equal to the ECB inflation target of 2 percent.

Keywords:
ISCR; CR; Cyprus; bank; Cypriot bank supervisor; labor productivity growth; current account; growth net; core inflation; Potential GDP growth; structural adjustment; growth dynamics; Labor productivity; Productivity; Capacity utilization
Cover IMF Staff Country Reports
Czech Republic
2007 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Czech Republic
International Monetary Fund

/ Defined as the ratio of real wages to productivity. 24. The authorities have not announced a specific target date for euro adoption, pending more progress on fiscal consolidation and economic alignment with the euro area . They continue to strive to meet the Maastricht criteria for euro entry in a sustainable manner. The CNB's decision to reduce the inflation target to 2 percent from 2010 will align it with the ECB's inflation target. Staff reiterated that euro adoption remains an important opportunity for reaping further gains from enhanced trade and investment

Keywords:
ISCR; CR; deficit; government; exchange rate; current account; financial market; output gap; headline inflation