In my capacity as President of EURIMF, I submit this Buff statement on the Article IV consultation with the euro area. It reflects the common view of the Member States of the euro area and the European Union in their respective fields of competence.
The authorities of the euro-area Member States are grateful for open and fruitful consultations with staff and for their constructive policy advice. The authorities welcome the staff’s Spillover Report and broadly concur with its findings. The authorities also stress their commitment to free trade and the conclusion of the Doha round.
The authorities emphasise that the efforts to implement a comprehensive response to the ongoing debt crisis have been forcefully stepped up over the recent months. These new efforts include reinforced commitments to fiscal consolidation and structural reform, the macroeconomic adjustment programmes in several countries, strengthening financial mechanisms for countries in distress, rigorous stress tests of the banking and insurance sectors and improvements in economic and fiscal governance. In spite of these bold efforts market volatility remains high. In this context, the authorities reiterate their resolve to take all the necessary actions to preserve the integrity and stability of the euro area.