TAILIEUCHUNG - ECONOMIC OUTLOOK FOR THE EURO AREA IN 2010

Dymski’s work also identified at an early stage the class- and race-based strategies of the major banks and mortgage-originators as they laid their traps for the meager assets of the poor. It raises, inevitably, the question of responsibility. And this brings us to an important line of new research, focused on economic behavior and the law, and specifically on the conditions that generate epidemics of financial fraud. In this area a key references isWilliam K. Black’s 16 systematic study of the sav- ings and loan crisis and his development of the concept of “control fraud”—fraud committed on organizations by those who control them. 17 An effort to bring this to the attention of. | EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2010 and 2011 Forecasting Network Winter 2009 10 1 About the European Forecasting Network The European Forecasting Network EFN is a research group of European institutions founded in 2001 under the auspices of the European Commission and currently partly financially supported by the Schuman Centre at the European University Institute. The objective of the EFN is to provide a critical analysis of the current economic situation in the euro area short-term forecasts of the main macroeconomic and financial variables policy advice and in-depth study of topics of particular relevance for the working of the European Economic and Monetary Union. The EFN publishes four quarterly reports. Further information on the EFN can be obtained from our web site or by e-mail at efn@ . Participating Institutions Robert Schuman Centre European University Institute Coordinator Team Leader Massimiliano Marcellino Centre d Etudes Prospectives et d Informations Internationales CEPII Team Leader Lionel Fontagne fontagne@ University of Birmingham Department of Economics Team Leader Anindya Banerjee The Halle Institute for Economic Research IWH Team Leader Axel Lindner The Department of Economics European University Institute EUI Team Leader Giancarlo Corsetti Anàlisi Quantitativa Regional AQR-IREA Universitat de Barcelona Team Leader Jordi Surinach jsurinach@ Instituto Flores de Lemus IFL Universidad Carlos III Team Leader Antoni Espasa espasa@ Department of Applied Economics DAE University of Cambridge Team Leader Sean Holly Coordinator of the Report Massimiliano Marcellino Report closed on January 11 2010 2 EFN REPORT ECONOMIC OUTLOOK FOR THE EURO AREA IN 2010 and 2011 Highlights In 2010 the recovery of the world economy will be driven by a strong

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