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Climate Change Mitigation and Policy Spillovers in the EU’s Immediate Neighborhood
EU’s neighborhood countries (EUN) have lagged the EU on emissions mitigation; coal-heavy power generation and industrial sectors are a key factor. They have also trailed EU countries in emissions mitigation policies since 2000, with little use of market-based instruments, and they still have substantial fossil fuel subsidies. Increasingly stringent EU mitigation policies are asociated with lower emissions in EUN. Overall output effects of the CBAM, in its current form, would be limited, though exports and emissions-intensive industries could be heavily impacted. A unilaterally adopted economywide carbon tax of $75 per ton would significantly lower emissions by 2030, with minimal consequences for output or household welfare, though a safety net for the affected workers may be necessary. To become competitive today by attracting green FDI and technology, overcoming infrastructure constraints and integrating into EU’s supply chains, EUN countries would be well served to front load decarbonization, rather than postpone it for later.
Natural Language Understanding and Intelligent Applications
This book constitutes the joint refereed proceedings of the 5th CCF Conference on Natural Language Processing and Chinese Computing, NLPCC 2016, and the 24th International Conference on Computer Processing of Oriental Languages, ICCPOL 2016, held in Kunming, China, in December 2016. The 48 revised full papers presented together with 41 short papers were carefully reviewed and selected from 216 submissions. The papers cover fundamental research in language computing, multi-lingual access, web mining/text mining, machine learning for NLP, knowledge graph, NLP for social network, as well as applications in language computing.
Chinese Lexical Semantics
The two-volume proceedings, LNCS 13249 and 13250, constitutes the thoroughly refereed post-workshop proceedings of the 22nd Chinese Lexical Semantics Workshop, CLSW 2021, held in Nanjing, China in May 2021. The 68 full papers and 4 short papers were carefully reviewed and selected from 261 submissions. They are organized in the following topical sections: Lexical Semantics and General Linguistics; Natural Language Processing and Language Computing; Cognitive Science and Experimental Studies; Lexical Resources and Corpus Linguistics.
Principality of Andorra: 2022 Article IV Consultation-Press Release; and Staff Report
The Andorran economy is recovering strongly from the pandemic, supported by a rebound in tourism, retail trade, construction, and professional services. Real GDP is expected to reach pre-crisis levels in the second half of 2022. While the unemployment rate is amongst the lowest in Europe and continues to decline, pockets of vulnerability remain. Notwithstanding significant policy buffers, there are still substantial downside risks, notably the impact in Europe of the war in Ukraine, higher than expected inflation, and a resurgence of infection rates.
Malta
Malta has experienced an impressive recovery from the pandemic and demonstrated resilience to shocks resulting from Russia’s invasion of Ukraine. With weaker growth in Europe and waning post-pandemic pent-up demand, staff expect growth to decelerate somewhat but continue to expand by 61⁄4 percent in 2023 and 5 percent in 2024, among the highest in Europe. Persistent inflationary pressures are expected, while concern has risen about growing capacity constraints. The financial system has demonstrated resilience to successive shocks.
Spain: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain
The Spanish economy is recovering from the deep recession caused by the COVID pandemic and employment is already above its pre-pandemic level. A highly successful vaccination campaign helped limit the impact of the recent wave of infections on hospitalizations and economic activity. Output is expected to return to its pre-pandemic level by the end of 2022. However, there is significant uncertainty around the recovery path related to the evolution of the pandemic and the duration of global supply bottlenecks. The pace of absorption and the effectiveness of use of Next Generation EU (NGEU) funds will also affect growth in the coming years. In the near term, the key policy challenge is to continue to provide targeted pandemic support while facilitating resource reallocation and a transformation to a greener and more inclusive economy.
Malta
Malta’s economy rebounded strongly from the pandemic. However, the indirect impact of Russia’s war in Ukraine, including the anticipated slowdown in the European economy, high and volatile global energy prices, rising import costs, and weakened public finances following the pandemic are weighing on the outlook. The Maltese economy is expected to slow from 61⁄4 percent this year to 31⁄4 percent in 2023. The financial system has proved to be resilient to the pandemic with ample capital and liquidity buffers. In June 2022, the Financial Action Task Force (FATF) removed Malta from its grey list of anti-money laundering and combatting the financing terrorism (AML/CFT) framework.
Spain
Two years after the pandemic, the Spanish economy is facing new headwinds from Russia’s invasion of Ukraine. Activity has been resilient so far, supported by a strong rebound in tourism and other services and timely policy support measures. However, elevated global energy and food prices, lower trading partners’ demand, deteriorating consumer and business confidence, and rising interest rates have slowed the recovery of output. Growth is projected to moderate to 1.1 percent in 2023. Risks to the outlook include tighter-than-expected financial conditions, weaker global demand, and further increases in European energy prices.
Principality of Andorra
Principality of Andorra: Selected Issues
