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| The understanding of the
working of the European Monetary Union poses a major challenge for economists
and policy makers. Economists can hardly apply the same toolkit they used
for the analysis of each country in the Union, because of the important
economic, social and political changes that have occurred in the recent
years. Policy makers have to identify the key issues in the new context,
characterized not only by a single currency and monetary policy, but also
by a higher mobility of capital, global competition, a local aging population
accompanied by increased migration, and substantial regional unbalances
that could widen even more with the enlargement of the Union. |
Motivation |
| On these grounds, the purpose
of the European Forecasting Network (EFN), launched on behalf of the European
Commission by leading research institutes from EU Member States, is to improve
the understanding of euro-area economic developments and policies, to augment
the analytical basis for economic policy decisions in the euro area and
to increase the visibility of Economic and Monetary Union (EMU) in the Member
States. |
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| To achieve these objectives,
EFN will produce independent, rigorous and joint assessments of the economic
situation, the aim being to identify key policy challenges in the euro area. |
Output |
| Reports
are produced each year by the Network, focused on an explicit euro-area-wide
approach. These reports will include the following parts: |
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| - A detailed analysis of
the economic situation and outlook, including quantitative forecasts. |
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| - An examination of policy
issues in key areas |
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| - Thematic analyses, focusing
on euro-area economic characteristics (e.g. euro-area growth potential,
investment decisions, labour markets, financial markets etc.). |
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Università Bocconi
- IGIER, Milano, Italy, Network Coordinator.
Team Leader: Massimiliano Marcellino |
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Centre d'Etudes Prospectives
et d'Informations Internationales (CEPII), Paris, France.
Team Leader: Lionel Fontagné |
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The Halle Institute
for Economic Research (IWH), Halle, Germany.
Team Leader: Christian Dreger |
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Department of Economics
- European University Institute (EUI), San Domenico di Fiesole, Italy.
Team Leader: Michael Artis |
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Econometric Institute
- Erasmus Universiteit (EUR), Rotterdam, The Netherlands.
Team Leader: Dick van Dijk
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Grup de Recerca "Anàlisi
Quantitativa Regional" (AQR), Dept. Econometria, Estadística
i Economia Espanyola, Facultat Ciències Econòmiques
i Empresarials, Universitat de Barcelona, Spain
Team Leader: Jordi Suriñach |
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Instituto Flores de
Lemus (IFL), Departamento de Estadística y Econometría,
Universidad Carlos III, Madrid, Spain.
Team Leader: Antoni Espasa |
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Department of Applied
Economics (DAE), Faculty of Economics and Politcs, University of Cambridge,
Cambridge, UK.
Team Leader: Sean Holly |
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