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| Foreword |
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| Introduction
and Overview |
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1. Advanced Europe: Tackling the
Sovereign Crisis
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Recovery Continues Turning the Page on the
Crisis: Policy Requirements |
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2. Emerging Europe: Underwriting a Solid
Recovery
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Developments in 2010 The Outlook for 2011 and
2012 31 Risks to the Outlook 36 Key Policy Questions
Going Forward |
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3. Financial Integration, Growth, and
Imbalances
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Imbalances and Crisis Why Was the Crisis So
Severe?
Why Is Resolution of the Crisis so Protracted?
Restoring Growth and Preventing Future Excessive
Imbalances
Conclusions |
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| Annex: Data and
Econometric Approaches |
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Estimating Equilibrium and Excessive Imbalances |
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Estimating Effects of Policies on Excessive
Imbalances |
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Appendix: Europe: IMF-Supported Arrangements |
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References |
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| Boxes |
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1.1. Domestic Demand and Recovery in the Large
Euro Area Countries |
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1.2. Deleveraging in the Euro Area |
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1.3. Unemployment and Inequality in the Wake of
the Crisis |
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2.1. Russia: A Tepid Recovery from a Deep
Recession |
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2.2. Turkey’s New Monetary Policy Strategy |
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2.3. Discretionary Fiscal Policies Since the
2008–09 Crisis |
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3.1. Why Did the Currency Board Countries in
Emerging Europe Have Such Large Imbalances? |
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3.2. Recent Developments in Bank Competition in
Europe |
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3.3. Crisis Resolution and Financial Integration
in the United States |
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3.4. How Far Have Current Account Imbalances
Adjusted? |
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3.5. How Can the Reemergence of Excessive
Imbalances Be Prevented? |
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| Tables |
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1. European Countries: Real GDP Growth and CPI
Inflation, 2009–12 |
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1.1. Selected European Countries: Share of
Exports by Destination, 2009 |
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1.2. Greece, Ireland, Portugal, and Spain:
Authorities’ Measures to Restore Confidence and
Regain Competitiveness |
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1.3. Advanced European Countries: Main
Macroeconomic Indicators, 2009–12 21 |
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1.4. Selected European Countries: Headline
Inflation and Contribution of Food and Fuel Prices |
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2.1. Emerging Europe: Growth of Real GDP,
Domestic Demand, Exports, and Private Consumption,
2009–12 |
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2.2. Emerging Europe: CPI Inflation, Current
Account Balance, and External Debt, 2009–12 37 |
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2.3. Emerging Europe: Evolution of Public Debt
and General Government Balance, 2009–12 40 |
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2.4. Emerging Europe: Selected Financial
Soundness Indicators, 2007–10 |
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2.5. Emerging Europe: Employment Growth,
2008:Q3–2010:Q3 |
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3.1. Selected EU Countries: Sectoral
Saving-Investment Balances, 2000–07 |
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3.2. Selected EU Countries: Current Account
Balances and Real Domestic Demand, 2003–10 |
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3.3. Selected EU Countries: Growth in Value
Added and Contribution by Sector, 2000–07 |
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3.4. Euro Area: Output-Capital Ratios, 2000–07 |
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