Pisani-Ferry, Jean; Merler, Silvia - In: Review of Economics and Institutions 3 (2012) 3
The single currency was expected to make national balance of payments irrelevant for euro-area members. From 2010 … onwards, however, governments, but also banks and non-financial companies in several euro-area countries have had difficulty …, thereby contributing to the build-up of intra-Eurosystem net balances. The evidence that the euro area has been subject to …