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This paper describes four key drivers behind the adjustment difficulties in the periphery of the eurozone: • The adjustment will be particularly difficult for Greece and Portugal, as two relatively closed economies with low savings rates. Both of these countries combine high external debt...
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moves on to outline the EU's current legislative program to introduce policy instruments in 2007-09 for regulating the … underscores the case for cohesive EU action in this controversial area in view of the need to improve the economic competitiveness … of the EU and the risks posed by its aging population …
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