Economic growth in Europe: entering a new era? - The first year of EMU
French-German Economic Forum
Two papers were presented. Three major points were presented in the first paper, on "The European Central Bank: 1st anniversary": the process of introduction of the Euro, the external performance of the Euro, the integration of money and credit markets in the Euro zone and the monetary policy of the European Central Bank. The second paper tried to answer four questions: (i) how can US growth 1990s be explained? (ii) what was its background? (iii) after a rather dismal decade, what are the prospects for Europe in this light? (iv) what policies are needed to raise growth rates? The general discussion began by an evaluation of the remaining disparities in Europe: the imperfect integration of European markets combined with various stages in the business cycle were part of the difficulty of devising the optimal monetary policy for the whole Euro-zone. The discussion centred on the objectives of the ECB, the transparency of its strategy and the decision-making process of the bank. The discussion focused also on the reforms Europe needed to raise growth rates while limiting the rise in inequalities.
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