tends to engender, as an inherent byproduct, serious imbalances which cannot be unwound without a fundamental overhaul of … the model itself. Second, given the lack of a critical mass of economic reforms thus far, imbalances may (re … likely to remain supportive, at least over the medium run. Although this could help mitigate the economic costs of imbalances …

tends to engender, as an inherent byproduct, serious imbalances which cannot be unwound without a fundamental overhaul of … the model itself. Second, given the lack of a critical mass of economic reforms thus far, imbalances may (re … likely to remain supportive, at least over the medium run. Although this could help mitigate the economic costs of imbalances …

and exchange rates do not respond to country-specific shocks. Such limitations imply that imbalances can be difficult to … capital, improves external competitiveness and counteracts external imbalances. An ex-ante budget-neutral switch of government …

This volume contains a collection of papers, commentaries and speeches concerning the first decade of the euro and the …

measures. A number of general observations were make. First, it is apparent that imbalances of the public, private and external …