Surveillance of Intre-Euro-Area Competitiveness and Macroeconomic Imbalances. Conclusions of the Eurogroup, Brussels, 15 March 2010

On 15 March 2010, the Eurogroup Ministers discussed the issue of divergences in competitiveness and macroeconomic imbalances within the euro area. A consensus emerged both on the analysis of the situation and on necessary policy responses by all Member States. All euro-area Member States are facing important policy challenges to address the economic, budgetary and financial implications of the crisis and to pave the way for sustainable growth. This requires policy action geared at mitigating the impact of the crisis on potential output and employment, boosting productivity growth and ensuring sustainable public finances. An additional challenge arises from the existence of large competitiveness and current-account differences among euro-area countries.