Front Matter

Front Matter

Author(s):
Martin Schindler, Helge Berger, Bas Bakker, and Antonio Spilimbergo
Published Date:
April 2014
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    Jobs and Growth: Supporting the European Recovery

    EDITORS

    Martin Schindler, Helge Berger, Bas B. Bakker, and Antonio Spilimbergo

    © 2014 International Monetary Fund

    Cataloging-in-Publication Data

    Joint Bank-Fund Library

    Jobs and growth : supporting the European recovery / editors, Martin Schindler, Helge Berger, Bas B. Bakker, and Antonio Spilimbergo. — Washington, D.C. : International Monetary Fund, spring 2014.

    pages ; cm

    Includes bibliographical references and index.

    ISBN: 978-1-48430-446-4

    1. Economic development—Europe. 2. Labor market—Europe. 3. Job creation—Europe. I. Schindler, Martin, 1971–. II. Berger, Helge. III. Bakker, Bas Berend. IV. Spilimbergo, Antonio. V. International Monetary Fund.

    HC240.S35 2014

    Disclaimer: The views expressed in this book are those of the authors and should not be reported as or attributed to the International Monetary Fund, its Executive Board, or the governments of any of its member countries.

    Please send orders to:

    International Monetary Fund, Publication Services

    P.O. Box 92780, Washington, DC 20090, U.S.A.

    Tel.: (202) 623-7430 Fax: (202) 623-7201

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    Contents

    Foreword

    The European financial crisis of 2008–09 was unique in its severity and breadth. It caused a deep recession, and unemployment surged across the continent. Stimulative macroeconomic policies, including strong monetary support from the European Central Bank, helped restore stability, and progress was made in strengthening euro area institutions. Nevertheless, growth is picking up only slowly, and with nearly 20 million Europeans still out of work, the crisis is not truly over.

    As the need for stabilization measures has receded, it is now time to take a longer view. In Europe, as elsewhere, economic growth is crucial for creating jobs—but lifting growth in a durable manner is no easy undertaking. This is where this book comes in: drawing from the expertise of IMF staff, it proposes a road map for strengthening Europe’s medium-term recovery and boosting prospects for its long-term growth.

    The IMF has a unique vantage point in this debate. It combines thorough knowledge of European country circumstances, reflecting close relationships with national authorities across the continent, with experience around the world helping its global membership respond to policy challenges and financial crises.

    Beyond conjunctural policies and the need for deeper integration, the book focuses on three medium-term priorities that will have to be addressed in parallel: reducing high levels of public and private debt, implementing product and labor market reforms, and taking advantage of new growth opportunities through innovation and further integration into global production and trade linkages.

    This road is certainly challenging. Strengthening and sustaining growth is a complex process that requires action on many fronts. But there can be no doubt that this is the time to act and move ahead with ambitious reforms. Fast progress along the road map laid out in this book is important not only for Europe, but for the global economy as a whole.

    Christine Lagarde

    Managing Director

    International Monetary Fund

    Country Abbreviations

    The following three-letter country abbreviations are used in some of the figures in this volume.

    Code

    Country name

    ALB

    Albania

    AUS

    Australia

    AUT

    Austria

    BEL

    Belgium

    BGR

    Bulgaria

    BIH

    Bosnia and Herzegovina

    BLR

    Belarus

    CAN

    Canada

    CHE

    Switzerland

    CYP

    Cyprus

    CZE

    Czech Republic

    DEU

    Germany

    DNK

    Denmark

    ESP

    Spain

    EST

    Estonia

    FIN

    Finland

    FRA

    France

    GBR

    United Kingdom

    GRC

    Greece

    HRV

    Croatia

    HUN

    Hungary

    IRL

    Ireland

    ISL

    Iceland

    ISR

    Israel

    ITA

    Italy

    JPN

    Japan

    KAZ

    Kazakhstan

    LTU

    Lithuania

    LUX

    Luxembourg

    LVA

    Latvia

    MDA

    Moldova

    MKD

    Macedonia, former Yugoslav Republic of

    MLT

    Malta

    MNE

    Montenegro

    NLD

    Netherlands

    NOR

    Norway

    NZL

    New Zealand

    POL

    Poland

    PRT

    Portugal

    ROU

    Romania

    RUS

    Russian Federation

    SCG

    Kosovo

    SLV

    El Salvador

    SRB

    Serbia

    SVK

    Slovak Republic

    SVN

    Slovenia

    SWE

    Sweden

    TUR

    Turkey

    UKR

    Ukraine

    USA

    United States

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