Micossi, Stefano, (2016), “Balance-of-Payments Adjustment in the Eurozone”, CEPS publications, 22 January
This policy contribution describes the unresolved adjustment problems confronting the eurozone, and places them in historical perspective by comparing developments in key real economic variables under EMU with those observed under the Bretton Woods system. The main finding is that the eurozone is afflicted by a strong deflationary bias and that, therefore, under current trends, deep economic and social strains will continue to project a dark cloud over its future survival.
Relevant Posts
- Johnston, A. & Regan, A. (2014) “The absence of national adjustment tools is the reason why Eurozone countries continue to struggle”, LSE EUROPP, 22 September.
- Arkolakis, Costas, Galenianos, Manolis, (2015), “The challenge of trade adjustment in Greece”, Voxeu, 22 November