01635cas a2200241 a 4500 AALejournalIMF003724 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451813012 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Euro Area Policies : Staff Report. Washington, D.C. : International Monetary Fund, 2005. 1 online resource (63 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper focuses on euro area policies. The monetary policy stance remains appropriate for now. Fiscal policies are falling well short of consolidation requirements, and the area remains insufficiently prepared for the looming demographic shock. Past fiscal policy failures, notably insufficient adjustment during economic upswings, have strained the Stability and Growth Pact (SGP) and EMU's fiscal framework. IMF staff has welcomed certain elements of flexibility in the SGP reforms while regretting the vagueness and open-endedness of others. Center-led structural reform programs have struggled to deliver. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2005/265 Full text available on IMF http://elibrary.imf.org/view/journals/002/2005/265/002.2005.issue-265-en.xml IMF e-Library