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© 2000 International Monetary Fund
November 2000
IMF Staff Country Report No. 00/146
Staff Report on the Monetary and Exchange Rate Policies of the Euro Area; Supplement Updating Information on Recent Economic Developments and Policies in the Euro Area; Supplement on EU Trade Policies; Public Information Notice Following Consultation; Two Statements by Representative on the IMF Executive Board for France, on Behalf of Euro-Area and EU Members
The following documents have been released and are included in this package:
the staff report on the monetary and exchange rate policies of the euro area, prepared by a staff team of the IMF, following discussions that ended on July 5, 2000, with officials at EU institutions in the context of the Article IV consultations with the countries forming the euro area. The staff report was completed on September 22, 2000. The views expressed in the staff report are those of the staff team and do not necessarily reflect the views of the IMF Executive Board.
a staff report issued October 13, 2000, updating information on recent economic developments and policies that had become available since the issuance of the staff report.
a supplemental staff report issued on October 13, 2000, on recent developments in EU trade policies.
the Public Information Notice (PIN), which summarizes the views of the Executive Board as expressed during the October 16, 2000, Executive Board discussion of the staff report on the monetary and exchange rate policies of the euro area.
two statements by Mr. Milleron, Executive Director for France, the country currently holding the Presidency of the European Council, on behalf of the euro-area and the European Union authorities.
Further background documentation prepared by IMF staff may be published separately at a later date. The policy of publication of Article IV staff reports and PINS allows for the deletion of marketsensitive information.
The Article IV staff report is published—both in hard copy and on the IMF’s website (http://www.imf.org)—as part of a pilot project.
Copies of this report are available to the public from
International Monetary Fund • Publication Services
700 19th Street, N.W. • Washington, D.C. 20431
Telephone: (202) 623 7430 • Telefax: (202) 623 7201
E-mail: publications@imf.org • Internet: http://www.imf.org
Price: $15.00 a copy
International Monetary Fund
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INTERNATIONAL MONETARY FUND
Monetary and Exchange Rate Policies of the Euro Area
(In the Context of the 2000 Article IV Discussions with Euro-Area Countries)
Prepared by the European I Department
Approved by Michael Deppler and Leslie Lipschitz
September 22, 2000
Contents
I. Introduction
II. The Economic Setting
III. Policy Discussions
A. Prospects and Policy Requirements
B. Monetary and Exchange Rate Policies
C. Fiscal Policies
D. Structural Policies
IV. Internal Surveillance Processes and Policy Coordination
V. Staff Appraisal
Boxes
1. Will Economic History Repeat Itself?
2. Near-Term Inflation Outlook
3. Revenues from the Allocation of Third-Generation Mobile Phone Licenses
4. Is the Stability and Growth Pact EMU-Friendly?
5. National Dimensions of Economic Policies
Tables
1. WEO Medium-Terra Fiscal Projections
Figures
1. Recent Developments
2. Monetary Conditions
3. Fiscal Balances and Output Gaps
Appendices
Appendix I. Economic Indicators
Appendix II. Real GDP, Inflation and Output Gaps
Appendix III. Balance of Payments
Appendix IV. Indicators of External and Financial Vulnerability
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INTERNATIONAL MONETARY FUND
Monetary and Exchange Rate Policies of the Euro Area Supplementary Information
(In the Context of the 2000 Article IV Discussions with Euro-Area Countries)
Prepared by the European I Department
Approved by Michael C. Deppler and Leslie Lipschitz
October 13, 2000
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INTERNATIONAL MONETARY FUND
Recent Developments in Trade Policies of the European Union
Prepared by the European I and Policy Development and Review Departments
Approved by Michael C. Deppler and Leslie Lipschitz
October 13, 2000
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Public Information Notice (PIN) No. 00/93
FOR IMMEDIATE RELEASE
November 9, 2000
International Monetary Fund
700 19th Street, NW
Washington, D. C. 20431 USA
On October 16, 2000, the Executive Board concluded the discussion on the monetary and exchange rate policies of the euro area (in the context of the Article IV consultations with euroarea countries). The background section of this PIN reflects information available at the time of the Executive Board meeting and the views of the Executive Directors are those expressed at that meeting.1
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October 16, 2000
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October 27, 2000
