implications for near-term activity and long-term growth as well as for equity and the current account. This paper proposes a … of promoting near-term activity, longterm growth, equity, and global rebalancing. The proposed method is illustrated with …

goods exports into competitiveness and structural effects (i.e. the impact of specialisation, either in product or … in other European advanced economies, thanks to better competitiveness. By contrast, the structure of geographic markets …

euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically …-adjust observed current account balances and illustrate the scale of the additional adjustments to competitiveness and/or fiscal … net external debt levels. In Spain and Portugal, cost competitiveness relative to the rest of the euro area would need to …

The recent crisis has revealed large differences in external competitiveness between euro area member countries. Since … added tax, as an alternative means to restore competitiveness. This paper discusses the potential benefits and drawbacks of …