The debt crisis of the eurozone revealed a structural problem of the single market rooted in the external imbalance … problem of indebted member states. The assumption of this paper is that the current account imbalances within the eurozone are … based on an intra-eurozone competitiveness disparity originated in the single currency and the heterogeneity of member state …

In the pre-crisis period, substantial current account imbalances built up in the euro area. Despite recent progress in … economic rebalancing, especially in the countries mostly affected by the euro debt crisis, a controversial debate is still … raging about past causes, current interpretations and future outlooks for the current account positions of euro area …