OECD Economic Outlook, Volume 2005 Issue 2
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Euro Area
With the recovery expected to be moderate and any oil-price induced second round effects on wage inflation being uncertain, monetary policy should remain on hold for some more time, with tightening starting in earnest later next year. To ensure the long-term sustainability of public finances, fiscal consolidation needs to get underway as soon as it can safely do so without jeopardising the recovery. Further structural reforms are needed to improve the euro area’s medium-term economic performance and its resilience to shocks.
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