Sentences with phrase «euro area fiscal»

Not exact matches

That, of course, is the ultimate goal of the euro area, but irrevocable intermediate steps in that direction will lead to jointly determined fiscal policies and conditional financial transfers.

It most probably can, partly because its main competitor, the euro area, has become a large capital exporter with increasingly unattractive financial markets, where recessions and rising unemployment are serious obstacles to fiscal consolidation.

Enhanced supervision of the euro area countries» budget process by the EU Commission is part of the sovereignty transfer required by the fiscal compact — the founding document of the future fiscal union - agreed in late 2011.

- Any further initiative at the euro - area level, in particular those relating to steps towards a fiscal and banking union.

That is obviously an unreasonable and politically disruptive fiscal policy in a situation where the weakening banking system can not provide an effective transmission of the ECB's attempt to restart the euro area's moribund economy.

It is the rare combination of a simultaneous impact of hugely restrictive fiscal policies, gravely damaged channels of financial intermediation and crippling trade imbalances in especially depressed segments of the world economy - the euro area - where there is an obvious need for a strong stimulation of domestic demand in countries of that region whose trade surpluses range from 2 percent to nearly 9 percent of gross domestic product (GDP).

It is, therefore, a good bet that the triad of fiscal austerity, short - term growth - stifling structural reforms and seemingly intractable problems of a weak banking system will soon lead to the downward revision of the ECB's long - standing growth forecast for the euro area.

Excessively tight fiscal policies in the U.S. and in the euro area are depressing economic growth and employment in nearly two - thirds of the industrialized world.

How will the government respond in the budget to the uncertainty created by the short - and long - term fiscal crisis in the U.S., the on - going uncertainty over the recession in the EU and the continuing uncertainty over the future of the EURO area?

This would require that: the U.S. «miraculously» finds political harmony in Congress and solves its fiscal problems; that the EURO area «magically» discovers political unity among 17 countries; that Japan suddenly emerges from a decade of no growth; and that China, finally embraces a non-intervention exchange rate system and adopts policies to promote consumption led growth.

Businesses in the 17 countries that use the euro became much more gloomy about their prospects in May as the currency area's fiscal crisis deepened.

The fact is that over the past decade, the EURO countries have not been willing to take policy actions to ensure the stability of the EURO, because they involved issues related to sovereignty and fiscal integration: two areas where there were opposing entrenched views.

Moreover the Economic and Monetary Union should be reformed and deepened, there should be greater euro area integration with financial solidarity, a true banking union, the definition of a convergence strategy — notably from the fiscal and social points of view — all of which based on greater democratic legitimacy — notably with stronger involvement on the part of the national parliaments and the European Parliament.

As stated above, Article 1 of the Fiscal Compact declares for the treaty to aim at «improv [ing] the governance of the euro area thereby supporting the achievement of the European Union's objectives for sustainable growth, employment, competitiveness and social cohesion».