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Subscribe to the biannual issues of Regional Economic Outlook: Europe for investigation of regional resilience, financial innovation, and challenges to change. Rapid financial deepening, engineering, and integration have substantially transformed the financial landscape in Europe. Looking beyond any immediate turbulence, Europe faces major challenges if it is to sustain a reasonably robust growth rate. To deal with expenditure pressures from population aging, fiscal consolidation-based on expenditure reduction-needs to be more ambitious. For several advanced economies, this is also needed because deficits remain too high to deal comfortably with eventual downturns. In emerging Europe, more fiscal consolidation is desirable to mitigate convergence-related demand pressures and insure against risks posed by the rapidly rising indebtedness of the private sector. For emerging economies, the challenge is reinforcing the foundations of financial development; for EU countries, it is sustaining growth.

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More publications by: International Monetary Fund. European Dept.