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Volume 9 (2010) Issue 1 - Quarterly report on the euro area. March 2010

Directorate General for Economic and Financial Affairs (ECFIN). European Commission

Volume 9 (2010) Issue 1 - Quarterly report on the euro area. March 2010pdf(636 kB)

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.

The five themes of this Quarterly report on the euro area

  • The impact of the crisis on competitiveness and current account divergences
  • The role of domestic macroeconomic imbalances in the build-up of large current account deficits in some Member States
  • The causes of the emergence of large current account surpluses in the some Member States
  • The sources of differences in Member States export performance
  • The importance of valuation effects for external asset positions in the euro area

 

Press release 31/3/2010. IP10/398. The impact of the global crisis on competitiveness and current account divergence in the euro area Choose translations of the previous link 

(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.

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