Directorate General for Economic and Financial Affairs (ECFIN). European Commission
(Quarterly report on the euro area. 1. March 2010.
Brussels. PDF. 42pp. Tab. Graph. Free.)
pdf: KC-AK-10-001-EN-N. Paper: KC-AK-10-001-EN-C. ISSN: pdf: 1830-6403. Paper: 1725-5759.
This special issue provides a comprehensive assessment of the impact of the crisis on external divergences in the euro area: After a decade of steady divergence, the global economic crisis has triggered a partial rebalancing of current accounts in the euro area. The narrowing of current account differences between Member States has both structural and cyclical causes and could be partially reversed with the recovery. It has so far been associated with only modest correction of past divergence in price competitiveness.
As a result, significant adjustment needs continue to exist and call for a comprehensive policy response tailored to the specific needs of each Member State.
Press release 31/3/2010. IP10/398. The impact of the global crisis on competitiveness and current account divergence in the euro area