This 2016 Article IV Consultation highlights that the Russian economy contracted by 3.7 percent in 2015 owing to falling oil prices and the quasi closure of international financial markets to Russian entities. The economic contraction is nonetheless shallower than previous recessions as a stronger external position and the authorities’ economic package cushioned the shocks, helped restore confidence and stabilized the financial system. Lower oil prices and needed fiscal adjustment will keep the economy in recession in 2016 with an expected decline in real GDP of 1.2 percent. Growth is expected to resume in 2017 and reach 1 percent, as domestic demand slowly recovers on the back of easing financial conditions and pent up demand.
Once considered an exclusively internal affair, international organisations have, over the last few decades, become increasingly involved in the management of ethnopolitical conflicts and have been active in attempts to prevent and/or resolve them. This book presents a series of studies covering the work of eight different organisations active in central and eastern Europe: the Organization for Security and Co-operation in Europe; its High Commissioner on National Minorities; the North Atlantic Treaty Organization; the United Nations Development Programme and Office for the Coordination of Humanitarian Affairs; the Council of Europe; the European Union; the Stability Pact for South Eastern Europe; and the World Bank. A further chapter considers the role of non-governmental organisations. The studies consider the varying approaches adopted by these institutions and illustrate the ways in which these differ from and complement one another. The assessment covers both the preventive and reactive sides of conflict management, and provides valuable lessons for similar activities in the future, both in the region and beyond.
Strong fundamentals should allow Europe to weather financial turbulence relatively well. Nonetheless, growth is set to ease in 2008 in nearly all countries. Policymakers will need to deal up front with the financial market turmoil, while implementing fiscal consolidation and structural reforms, including in the financial sector, to address vulnerabilities, raise medium-term growth prospects, and deliver on the promise of convergence for emerging Europe. Three analytical chapters discuss reforms to strengthen Europe's financial systems to allow advanced economies to benefit from innovation without incurring excessive risk and, in emerging economies, to manage rapid financial deepening and develop financial systems further.
In November 2011, the G-20 endorsed an action plan to support the development of local currency bond markets (LCBM). International institutions—the IMF, the World Bank, the EBRD, and the OECD—were asked to draw on their experience to develop a diagnostic framework (DF) to identify general preconditions, key components, and constraints for successful LCBM development. The objective is to provide a tool for analyzing the state of development and efficiency of local currency bond markets. The application of the DF is expected to be flexible, bearing in mind that the potential for LCBM development depends on economic size, financing needs, and stage of economic development.
This 2018 Article IV Consultation highlights that Romania recorded strong economic growth in 2017, with record low unemployment and an improving financial sector. Private consumption boosted by fiscal stimulus and wage increases led the strong growth, while investment lagged and structural reforms slowed. Public investment fell to a multi-year low in percent of GDP with a low absorption of European Union funds. Both the government deficit and current account deficit widened, respectively to 2.8 and 3.4 percent of GDP in 2017. Growth is expected to reach 5 percent in 2018—led again by continuing stimulus to private consumption from fiscal relaxation—and accompanied by a current account deficit and elevated inflation, even as monetary policy is tightened.
2016 Article IV Consultation and third review under the Extended Arrangement, Requests for a Waiver of Non-Observance of a Performance Criterion, Waiver of Applicability, Rephasing of Access and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
2016 Article IV Consultation and third review under the Extended Arrangement, Requests for a Waiver of Non-Observance of a Performance Criterion, Waiver of Applicability, Rephasing of Access and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Ukraine
Following the 2014–15 crisis, the economy is growing again and tight fiscal and monetary policies have greatly reduced internal and external imbalances. Inflation has been successfully brought down and reserves—while still being relatively low—have doubled to US$15 billion. The pace of the recovery, however, has been modest, and faster growth is needed if Ukraine is to catch up with its regional peers and lift per capita income levels that have declined to among the lowest in the region.
The way food systems have evolved over past decades means that they now face major risks, which in turn threaten the future of food systems themselves. Food systems have seriously contributed to climate change, environmental destruction, overexploitation of natural resources and pollution of air, water and soils. Despite the global average improvement in calorie production and major development of the food and agricultural product markets, huge inequalities in food access and repartition of the added value have emerged, leading to new serious nutritional and social problems. Based on a review of the most recent scientific knowledge, this report emphasizes Low-Income and Lower Middle-Income countries where the population faces greater challenges than elsewhere. Different threats are adding up and there are few options to adapt or mitigate these combinations of risks. This is a call for all those - businesses, policy makers, consumers, funding agencies - who are engaged in food systems transformations to bear in mind their systemic aspects and their multiple outcomes and risks in order to be able to fashion more sustainable and equitable food systems. This report was prepared and coordinated by the Centre de coopération internationale en recherche agronomique pour le développement (CIRAD), and is a joint production with the Food and Agriculture Organization of the United Nations (FAO) and the European Commission’s Directorate-General for International Cooperation and Development (DG DEVCO). The scientific report hereunder takes stock of the current and future risks and challenges as regards to food systems.
An update of the Transition Report of November 2000 of the economies of Eastern Europe and the former Soviet Union. The report draws on the EBRD's experience as the main investor in 26 countries in the region. It looks at the underlying economic trends and the prospects for 2001. A new feature in this update is the analysis of external and public debt.
The Council of Europe European Conference of Ministers responsible for Regional/Spatial Planning (CEMAT) brings together representatives of the 47 member states of the Council of Europe, united in their pursuit of a common objective: sustainable spatial development of the European continent. This compendium presents the texts adopted by CEMAT between 1970 and 2010 and the most important texts adopted by the Committee of Ministers of the Council of Europe regarding CEMAT."--P. [4] of cover.
This paper focuses on Moldova’s 2014 Article IV Consultation and First Post-Program Monitoring Discussions. Moldova largely achieved the main objectives of the economic program supported by a combined Extended Credit Facility/Extended Fund Facility (ECF/EFF). The country’s economic performance was among the strongest in the region during 2010–2013. This was made possible by adequate macroeconomic stabilization measures and ambitious structural reforms implemented in the wake of the crisis under the IMF-supported program. The Moldovan economy recovered strongly from the drought-related contraction of 2012, but activity will significantly slow in 2014 owing to a moderation in agriculture production and related industries and weaker economic activity in main trading partners.
The publication contains the proceedings of the 13th European Conference of Ministers, held in Slovenia in September 2003, which sought to review measures taken to implement key principles for sustainable spatial development in Europe (in relation to Recommendation Rec (2002) no. 1) and to promote transnational and inter-regional co-operation through development projects.
This paper discusses key issues related to Turkey’s economy. Economic growth of Turkey continues to show resilience despite several shocks. Growth remains based on domestic demand, in turn, supported by accommodative monetary and fiscal policies. With the economy projected to grow at 3.8 percent in 2015, output and unemployment gaps are practically closed. But, growth is still below both the historical average and the authorities’ long-term target. Potential growth is also slowing. The employment rate is low, especially among women. To tackle these issues, the government has announced ambitious program of reforms aiming to increase potential growth and reduce external imbalances.
This guidance note highlights the unique economic characteristics and constraints facing small developing states. It provides operational guidance on Fund engagement with such countries, including on how small state characteristics might shape Fund surveillance and financial support, program design, capacity building activities, and collaboration with other institutions and donors. The note updates the previous version that was published in May 2014. It incorporates modifications resulting from Board papers and related Executive Board discussions that have taken place since the March 2013 Board papers on small states, which provided the foundations of the original guidance note. Based on these inputs, five key thematic areas (G.R.O.W.TH.) have been identified as central to the policy dialogue: • Growth and job creation. With small states experiencing relatively weak growth since the 1990s, Fund staff working on small states should ensure an explicit focus on growth in both surveillance and program-related work. • Resilience to shocks. Small states experience higher macroeconomic volatility and more frequent natural disasters. Staff should be ready to advise on how to tailor macroeconomic policies to provide greater resilience to shocks and climate change. • Overall competitiveness. Options to improve relative prices may include exchange rate adjustment (where possible) or measures supportive of internal devaluation (if not), and efforts to improve the business climate, including through regional initiatives. • Workable fiscal and debt sustainability options. With many small states having very high debt burdens, reducing debt to manageable levels requires sustained fiscal consolidation with supporting policies and structural reforms. In cases where the amount of adjustment needed to restore debt sustainability is not feasible or adequate financing is not available, debt restructuring may be needed. • Thin financial sectors. Developing deeper and more competitive, yet sound, financial sectors contributes to macroeconomic stability and enhances the effectiveness of policy interventions while strengthening competitiveness by improving business access to financial services.
The European recovery is strengthening and broadening appreciably. Real GDP growth is projected at 2.4 percent in 2017, up from 1.7 percent in 2016, before easing to 2.1 percent in 2018. These are large upward revisions—0.5 and 0.2 percentage point for 2017 and 2018, respectively—relative to the April World Economic Outlook. The European recovery is spilling over to the rest of the world, contributing significantly to global growth. In a few advanced and many emerging economies, unemployment rates have returned to precrisis levels. Most emerging market European economies are now seeing robust wage growth. In many parts of Europe, however, wage growth is sluggish despite falling unemployment.
documents considered by the Committee on 8 June 2011, including the following recommendations for debate, generalised scheme of tariff preferences, partnership with the EU's neighbourhood, mutual recognition of civil protection orders, minimum standards for the protection of victims of crime, report, together with formal minutes
documents considered by the Committee on 8 June 2011, including the following recommendations for debate, generalised scheme of tariff preferences, partnership with the EU's neighbourhood, mutual recognition of civil protection orders, minimum standards for the protection of victims of crime, report, together with formal minutes
Thirty-third report of Session 2010-12 : Documents considered by the Committee on 8 June 2011, including the following recommendations for debate, generalised scheme of tariff preferences, partnership with the EU's neighbourhood, mutual recognition of civ
documents considered by the Committee on 25 January 2012, including the following recommendations for debate, civil aviation: airports, value added taxation, report, together with formal minutes
documents considered by the Committee on 25 January 2012, including the following recommendations for debate, civil aviation: airports, value added taxation, report, together with formal minutes
Fifty-third report of Session 2010-12 : Documents considered by the Committee on 25 January 2012, including the following recommendations for debate, civil aviation: airports, value added taxation, report, together with formal Minutes
The pace of biodiversity decline is quickening worldwide. Habitat break-up, pollution, over-use of natural areas and the creation of artificial landscapes increase the rate of erosion, while reducing species' opportunity for migration, dispersion and exchange. In 1995, when the European Ministers of the Environment met in Sofia, they launched the Pan-European Biological and Landscape Diversity Strategy, so as to strengthen environment and biodiversity conservation policies. The setting up of the Pan-European Ecological Network covering Eurasia was one of the key steps taken under the Strategy. Work has continued on this project, and it is now based on the numerous national, regional and transregional ecological networks being set up throughout Europe.In Kiev, in 2003, the Ministers and heads of delegation noted these positive developments, expressed firm support for the creation of the Pan-European Ecological Network and asked for its constituent parts to be identified and mapped on a pan-European scale.This book looks at the implementation of this Network in the 55 states concerned. It has been written by a team comprising, under the aegis of the Council of Europe, numerous government experts and specialists dealing with the issue of ecological networks. It is intended to reassure Ministers, policy-makers and scientists that they made the right decision in supporting the creation of the Pan-European Ecological Network with a view to (re-)creating a true green infrastructure for Europe.
This publication contains oral and written evidence taken by the European Union Committee (Sub-Committee D on the Environment and Agriculture) for its inquiry into the proposed changes to the financing of the Common Agricultural Policy (CAP) and the future of European agricultural and rural policy. The Committee's report is available separately (HLP 7-I, session 2005-06, ISBN 0104006722).
This 2015 Article IV Consultation highlights that Bulgaria achieved modest economic growth in 2014, which is expected to continue in 2015, albeit at a lower rate. Consumer prices declined by an average 1.6 percent in 2014, among the sharpest contractions in the European Union, but are projected to turn positive late in the year. The banking system has shown substantial resilience to the damage to confidence resulting from the bank failure. The budget targets a 3 percent of GDP deficit in 2015, and a further 0.5 percentage point reduction per year in coming years. Measures to improve the composition and quality of expenditure and mitigate contingent liabilities arising from state-owned enterprises remain the key.
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