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Euro Area in Charts

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... came to an end in 2008 when the Euro Area moved ... Euro Dollar Exchange Rate. tutor2u Germany. 2.0. 1.1. 2.9. 2.3. 1.8. 1.9. 1.8. Consumer price inflation ... – PowerPoint PPT presentation

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Title: Euro Area in Charts


1
Euro Area in Charts
tutor2u
2
Key Issues
  • Which countries have joined the Euro Zone?
  • Why have convergence criteria?
  • What are the basic effects of a single currency?
  • What are the motivations for joining the Euro?
  • The case for UK entry
  • The case against UK entry
  • Optimal currency areas
  • Recent macroeconomic performance of the Euro Zone
    area
  • Tensions for the single currency in 2009-2010

3
Euro Zone Interest Rates
4
Euro Area macroeconomics
  • Steady growth since 1996 came to an end in 2008
    when the Euro Area moved into recession
  • There have been sizeable differences in
    macroeconomic outcomes within the Euro Area
  • Almost inevitable given the structural
    differences in the sixteen economies that now
    have the Euro
  • Tensions are rising as growth falters,
    unemployment rises and individual countries
    struggle to come to terms with the global credit
    crunch

5
An overview for the Euro Area
Euro area OECD countries
Real GDP ( change) 1.9 1.8 3.0 2.6 1.0 -0.6 1.6
Consumer spending ( change) 1.5 1.8 2.0 1.6 0.4 0.2 1.2
Gross investment ( change) 1.8 3.4 5.8 4.1 0.4 -4.4 1.8
Unemployment ( of labour force) 8.8 8.8 8.2 7.4 7.4 8.6 8.2
Budget balance ( of GDP) -3.0 -2.5 -1.3 -0.6 -1.4 -2.2 -1.8
Short term interest rate () 2.1 2.2 3.1 4.3 4.7 2.7 3.2
Consumer price inflation () 2.2 2.2 2.2 2.1 3.4 1.4 2.2
6
Real GDP Growth
7
Consumer price indices for selected countries
8
Economic cycles
9
CPI Inflation for the Euro Area
10
Inflation-Unemployment record
11
Inflation divergence
12
Manufacturing recession
13
Unemployment rates compared
14
Progress in reducing the NAIRU
15
Euro Dollar Exchange Rate
16
Germany
Germany 2004 2005 2006 2007 2008 2009 Average pa 04-09
Real GDP ( change) 0.7 0.9 3.2 2.6 1.4 -0.8 1.3
Consumer spending ( change) -0.2 0.2 1.2 -0.3 -0.6 0.2 0.1
Gross investment ( change) -1.3 1.3 8.5 4.5 3.6 -2.8 2.3
Unemployment ( of labour force) 9.7 10.5 9.8 8.3 7.4 8.1 9.0
Budget balance ( of GDP) -3.8 -3.3 -1.5 0.1 0.0 -0.9 -1.6
Short term interest rate () 2.1 2.2 3.1 4.3 4.7 2.7 3.2
Consumer price inflation () 1.8 1.9 1.8 2.3 2.9 1.1 2.0
17
Spain
Spain 2004 2005 2006 2007 2008 2009
Real GDP ( change) 3.3 3.6 3.9 3.7 1.3 -0.9 2.5
Consumer spending ( change) 4.2 4.2 3.9 3.5 1.2 -0.4 2.8
Gross investment ( change) 5.1 7.0 7.1 5.3 -2.0 -9.2 2.2
Unemployment ( of labour force) 10.5 9.2 8.5 8.3 10.9 14.2 10.3
Budget balance ( of GDP) -0.4 1.0 2.0 2.2 -1.5 -2.9 0.1
Short term interest rate () 2.1 2.2 3.1 4.3 4.7 2.7 3.2
Consumer price inflation () 3.1 3.4 3.6 2.8 4.4 1.8 3.2
18
Spanish Boom comes to an end
19
Ireland
Ireland 2004 2005 2006 2007 2008 2009
Real GDP ( change) 4.7 6.4 5.7 6.0 -1.8 -1.7 3.2
Consumer spending ( change) 3.7 7.2 7.0 6.0 -0.5 0.4 4.0
Gross investment ( change) 6.3 12.3 3.8 1.3 -22.7 -23.8 -3.8
Unemployment ( of labour force) 4.5 4.3 4.4 4.6 5.9 7.7 5.2
Budget balance ( of GDP) 1.4 1.7 3.0 0.2 -5.6 -7.1 -1.1
Short term interest rate () 2.1 2.2 3.1 4.3 4.7 2.7 3.2
Consumer price inflation () 2.3 2.2 2.7 2.9 3.1 0.9 2.3
20
German growth and exports
21
German inflation
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