Economic Structures 20 Years into the Euro

79 Pages Posted: 15 Jun 2019

See all articles by David Sondermann

David Sondermann

European Central Bank (ECB)

Agostino Consolo

European Central Bank (ECB)

Vanessa Gunnella

European Central Bank (ECB)

Gerrit Koester

European Central Bank (ECB)

Kyriacos Lambrias

European Central Bank (ECB)

Paloma Lopez-Garcia

European Central Bank (ECB)

Carolin Nerlich

European Central Bank (ECB) - Directorate General Economics

Filippos Petroulakis

European Central Bank (ECB)

Lorena Saiz

Banco de España

Roberta Serafini

European Central Bank (ECB)

Date Written: June 13, 2019

Abstract

Well-functioning economic structures are key for resilient and prospering euro area economies. The global financial and sovereign debt crises exposed the limited resilience of the euro area’s economic structures. Economic growth was masking underlying weaknesses in several euro area countries. With the inception of the crises, significant efforts have been undertaken by Member States individually and collectively to strengthen resilience of economic structures and the smooth functioning of the euro area. National fiscal policies were consolidated to keep the increase in government debt contained and structural reform momentum increased notably in the second decade, particularly in those countries most hit by the crisis. The strengthened national economic structures were supported by a reformed EU crisis and economic governance framework. However, overall economic structures in euro area countries are still not fully commensurate with the requirements of a monetary union. Moreover, remaining challenges, such as population ageing, low productivity and the implications of digitalisation, will need to be addressed to increase economic resilience and long-term growth.

Keywords: economic structures, euro area, resilience, growth

JEL Classification: E31, E32, E60, E62, F10, J11, O43

Suggested Citation

Sondermann, David and Consolo, Agostino and Gunnella, Vanessa and Koester, Gerrit B. and Lambrias, Kyriacos and Lopez-Garcia, Paloma and Nerlich, Carolin and Petroulakis, Filippos and Saiz, Lorena and Serafini, Roberta, Economic Structures 20 Years into the Euro (June 13, 2019). ECB Occasional Paper No. 224 (2019); ISBN 978-92-899-3689-7. Available at SSRN: https://ssrn.com/abstract=3404090

David Sondermann (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Agostino Consolo

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Vanessa Gunnella

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Gerrit B. Koester

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Kyriacos Lambrias

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Paloma Lopez-Garcia

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Carolin Nerlich

European Central Bank (ECB) - Directorate General Economics ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Filippos Petroulakis

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

HOME PAGE: http://sites.google.com/site/filippospetroulakis/

Lorena Saiz

Banco de España ( email )

Madrid 28014
Spain

Roberta Serafini

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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