In the News
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Soaring wage growth risks blunting eastern Europe’s edge, IMF warns (FT, Subscription req.)| November 8, 2023 -
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ECB must keep rates at or near 4% through 2024 to get inflation down -IMF| November 7, 2023 - IMF: the West is ready to win against inflation, the situation in Eastern Europe is still dangerous| October 17, 2023
- No 'big opening' for rate cuts in central Europe, IMF says| October 13, 2023
- ECB Can’t Afford Interest-Rate Cuts Next Year, IMF’s Kammer Says| September 19, 2023
- Lessons from a century of inflation shocks, Financial Times| September 18, 2023
- Europe’s Central Banks Won’t Need Cash Injection, IMF Paper Says| July 7, 2023
- Global inflation forecasters reflect on a 'humbling task'| June 28, 2023
- BOE Rate Hike Was Right to Reach 2% Inflation, IMF Official Says| June 28, 2023
- Euro zone needs still higher ECB rates, tighter fiscal policy, IMF says| June 16, 2023
- Georgieva for Dnevnik HTV: We expect difficult times| June 4, 2023
- IMF says UK no longer heading for recession but urges against tax cuts (The Guardian) | May 23, 2023
- IMF says it no longer expects UK recession this year (Financial Times) | May 23, 2023
- Germany Should Rethink Debt Brake, Limit Special Funds, IMF Says | May 16, 2023
- "In terms of security policy, no hand can fit between Europe and the USA" | May 11, 2023
- Alfred Kammer interview in SVT Nyheter | April 28, 2023
- IMF: Europe Needs Tight Monetary Policy | April 28, 2023
- ECB and BOE Should Tread Carefully With Rate Hikes, IMF Says | April 28, 2023
- IMF’s Kammer: Further ECB tightening is required to defeat inflation | April 28, 2023
- IMF predicts slower growth in Europe with persistently high inflation (Handelsblatt, in German)| April 14, 2023
- The IMF calls for new interest rate hikes from the European Central Bank (El Pais, in Spanish)| April 14, 2023
Themes
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Europe’s Wage Rises Are Aiding Recovery but Economies Face Risks | November 8, 2023 - The European Outlook and Policymaking: Seeing Off Inflation and Pivoting to Longer-Term Reforms | October 17, 2023
- Europe Must Succeed in Restoring Price Stability | October 13, 2023
- Inflation Dynamics in Bulgaria: The Role of Policies| September 29, 2023
- Financial Conditions in Europe: Dynamics, Drivers, and Macroeconomic Implications| September 29, 2023
- Energy Support for Firms in Europe: Best Practice Considerations and Recent Experience| September 22, 2023
- Reaching (Beyond) the Frontier: Energy Efficiency in Europe| September 22, 2023
- One Hundred Inflation Shocks: Seven Stylized Facts| September 15, 2023
- Dining and Wining During the Pandemic? A Quasi-Experiment on Tax Cuts and Consumer Spending in Lithuania| September 8, 2023
- Cyprus: Technical Assistance Report–Strengthening the Governance and Oversight of State-Owned Enterprises| September 8, 2023
- Managing Director's Remarks to the Three Seas Initiative| September 6, 2023
- Project Summary: Nordic-Baltic Technical Assistance Project – Financial Flows Analysis, AML/CFT Supervision, and Financial Stability| September 4, 2023
- Europe Should Tighten Monetary Policy Further| August 3, 2023
- IMF Podcast: Euro Area Inflation and how Import Prices, Profits, and Wages fit in| August 3, 2023
- Europe in a Fragmented World| ECB CESEE conference in Frankfurt, July 17, 2023
- Raising Rates with a Large Balance Sheet: The Eurosystem’s Net Income and its Fiscal Implications| July 7, 2023
- CESEE Deleveraging and Credit Monitor| July 6, 2023
- Alfred Kammer's Remarks at the ECB Forum on Central Banking: "Lessons from recent experiences in macroeconomic forecasting"| June 28, 2023
- Europe’s Inflation Outlook Depends on How Corporate Profits Absorb Wage Gains| June 26, 2023
- Euro Area Inflation after the Pandemic and Energy Shock: Import Prices, Profits and Wages| June 23, 2023
- Transcript of the MD's Press Conference on the Euro Area Article IV Consultation| June 16, 2023
- Managing Director's Remarks on Strategic Priorities for the European Capital Markets| June 15, 2023
- IMF and Ukrainian Authorities Reach Staff-Level Agreement on the First Review Under the Extended Fund Facility (EFF) Arrangement| May 30, 2023
- Working in Concert to Defeat Inflation| May 26, 2023
Regional Reports and Blogs
REGIONAL ECONOMIC OUTLOOK
October 2023
So far so good. These words are probably a fair assessment of Europe’s progress thus far in its struggle against inflation. Policy interest rates have been raised resolutely, central banks have signaled commitment to keeping them high for as long as necessary, and inflation is down sharply from the double-digit highs of last year.
Underlying inflation, however, is proving more stubborn than headline inflation, which includes energy, food, and other more volatile items. Bringing it back to target, durably, remains a matter of urgency. Entrenched high inflation is distortionary. Moreover, prolonged inflation means prolonged high real interest rates, which would hurt private and public investment and therefore future growth.
Blog: Europe Must Succeed in Restoring Price Stability
IMF Blogs - Europe
Euro Area Reports
A Bottom-Up Reduced Form Phillips Curve for the Euro Area (December 16, 2022)
Biases in Survey Inflation Expectations: Evidence from the Euro Area (September 30, 2022)
Learn moreCountry Reports
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Belgium: Staff Concluding Statement of the 2023 Article IV Mission| October 24, 2023 - IMF Staff Concludes Staff Visit to Türkiye| October 6, 2023
- Romania: Staff Concluding Statement of the 2023 Article IV Mission| October 4, 2023
- San Marino: Staff Concluding Statement of the 2023 Article IV Mission| September 28, 2023
- IMF Executive Board Concludes 2023 Article IV Consultation with the Republic of Latvia| September 12, 2023
- IMF Executive Board Concludes 2023 Article IV Consultation with Bosnia and Herzegovina| September 7, 2023
- IMF Executive Board Concludes 2023 Article IV Consultation with the Republic of Lithuania| September 5, 2023
- IMF Executive Board Concludes 2023 Article IV Consultation with Italy| July 26, 2023
- IMF Executive Board Concludes 2023 Article IV Consultation with Norway | July 26, 2023
- IMF Executive Board Concludes 2023 Article IV Consultation with Euro Area | July 19, 2023
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IMF Executive Board Concludes 2023 Article IV Consultation with Germany| July 17, 2023 -
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IMF Executive Board Concludes 2023 Article IV Consultation with the United Kingdom| July 11, 2023 - Republic of Serbia: 2023 Article IV Consultation, First Review Under the Stand-By Arrangement, and Request for Modification of Performance Criteria-Press Release; Staff Report | July 5, 2023
- Euro Area: IMF Staff Concluding Statement of the 2023 Mission on Common Policies for Member Countries | June 16, 2023
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