increase to reach the European standard would be larger in euro area countries with excessive external surpluses, the …

over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area … tends to be more balanced when nominal exchange rates are flexible. Intra-euro area imbalances also seem to have become more … persistent with the introduction of the euro, some of which is linked to labor market inflexibility. Reviewing the direction of …

We build a factor-augmented interacted panel vector-autoregressive model of the Euro Area (EA) and estimate it with …

Euro Area (SEA). These were mostly driven by a decline in private saving rates. But it was the European Monetary Union and … the Euro, which enabled these countries to maintain investment rates, and thus run larger current account deficits, by …

The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area … balance of euro area debtor countries. While current account imbalances of euro area deficit countries vis-à-vis the rest of … the world increased, they were financed mostly by intra-euro area capital inflows (in particular by the purchase of …

The paper examines progress with the external rebalancing of euro area deficit countries. Relative prices are adjusting … ahead, relying only on relative price adjustments (which adversely affects demand) to rebalance the euro area could prove …

The paper compares the degree of capital market integration across euro-area countries with that across regions in … capital flows within the euro area that would entail sizable shifts in countries’ equilibrium current accounts …

financing of Euro area imbalances. Creditor and debtor positions vis-à-vis the rest of the EU have tended to increase between … increased interdependency among Euro Area economies …

current account divergences between member states. This paper finds that divergences across euro-area countries are smaller …