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Mr. Sakai Ando, Mr. Ravi Balakrishnan, Bertrand Gruss, Mr. Jean-Jacques Hallaert, La-Bhus Fah Jirasavetakul, Koralai Kirabaeva, Nir Klein, Ana Lariau, Lucy Qian Liu, Mr. Davide Malacrino, Mr. Haonan Qu, and Alexandra Solovyeva
In 2020, the COVID-19 pandemic caused by far the largest shock to European economies since World War II. Yet, astonishingly, the EU unemployment rate had already declined to its pre-crisis level by 2021Q3, and in some countries the labor force participation rate is at a record high. This paper documents that the widespread use of job retention schemes has played an essential role in mitigating the pandemic’s impact on labor markets and thereby facilitating the restart of European economies after the initial lockdowns.
International Monetary Fund. European Dept.

This 2014 Article IV Consultation highlights that the euro area recovery is taking hold. Real output has expanded for four consecutive quarters, and financial market sentiment has improved markedly. Complementary policy actions have supported demand, boosted investor confidence, and eased financial conditions. At the national level, governments have made further progress repairing sovereign and bank balance sheets and implementing structure reforms to restore competitiveness. At the area-wide level, the ECB has taken a wider range of measures to support demand and address fragmentation. Over the medium term, there is a risk of stagnation, which could result from persistently depressed domestic demand owing to deleveraging, insufficient policy action, and stalled structural reforms.

International Monetary Fund. African Dept.

/inbound tourism, which makes it a less favorable position regarding the prospects for a near-term recovery . Based on data from the WWTC annual research country highlights, international spending accounted for 84 percent of total travel spending in 2019, while domestic spending was only 16 percent of total spending. In 2020, international spending continued to dominant which accounted for 77 percent of total travel spending. The high reliance of São Tomé and Príncipe’s tourism on international arrivals indicates a slower near-term recovery prospect as international travel

International Monetary Fund. European Dept.

in 2019, and the tourism expenditure balance (inbound minus outbound tourism expenditure) was around 8 percent of GDP in 2019, higher than most other European countries. The European Travel Commission (2021) estimated that European international travel declined by 69 percent in 2020, compared to a 35 percent decline for domestic travel. The high reliance of Cyprus’s tourism on international arrivals indicates a slower near-term recovery prospect as international travel restrictions will be eased at a slower pace than domestic tourism, and the smaller share of

International Monetary Fund. European Dept.

,000 Fraction eventually recovered by DIF from BE of Synthetic Bank 1/ 40% Relatively high due to senior secured liabilities Levy on uninsured depositors 20% By assumption 1/ In Scenario B the recovery prospect for the Deposit Insurance Fund is lower since for simplicity it is assumed that the initial payout to uninsured depositors is also serviced by the DIF. Table 3: Timeline of Scenario Analysis Time, t Actions 1 All Banks fail 2 Assets put into Bankruptcy Estate (BE) 3 Bailed out

International Monetary Fund. Monetary and Capital Markets Department

) failure and no reasonable recovery prospect); and (2) the bridge bank tool is available under the bank bankruptcy regime. D. Depositor Protection and Resolution Funding 33. An April 2015 World Bank assessment of the Bulgarian DIS against the IADI Principles found that the DIS is relatively well developed; it also revealed areas where improvements are necessary : 37 (1) the lack of a public awareness assessment and strategy; (2) the KTB’s failure demonstrated that the framework for early detection of problem banks and timely intervention and resolution was

International Monetary Fund. Monetary and Capital Markets Department
This Technical Note evaluates the financial safety net and crisis management for Bulgaria. Since the 2008 IMF Financial Sector Assessment Program Update, Bulgaria’s financial safety net and crisis management arrangements, including bank resolution and contingency planning, have improved. In 2015, to implement pertinent European Union rules, Bulgaria introduced a resolution regime for banks and investment firms; designated resolution authorities for said financial institutions; and established mechanisms to fund resolution measures. Despite the improvements, the financial safety net and crisis management arrangements face crucial challenges because none of their components is fully developed. To ensure operational capacity to rapidly deploy recovery and resolution tools, further actions are needed to strengthen the safety net and crisis management arrangements.
International Monetary Fund. European Dept.
This 2013 Article IV Consultation examines the performance of Sweden’s fiscal policies to counter effects of global financial crisis. Economic growth in Sweden has been moderate since global financial crisis of 2008–2009. The IMF report posits that with potential growth moderately weaker and the natural rate of unemployment to remain elevated, policies should focus on growth-enhancing reforms, especially in the labor market. It suggests that good policies that secure the soundness of Swedish international banking groups are expected to benefit borrowers not only in Sweden but across the region.