). This paper conducts an aggregate analysis of the debt positions of the euro area countries, taking account not only of the … analysis, it emerges that euro area countries differ extensively in terms of their total net debt. In a context of hampered …The recent developments in the euro area have shown how important it is that the various economic sectors pay attention …

This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis. The … sovereign debt crisis, while some countries, among which Germany, registered a decisive inflow of monetary base, some others, as …

deflationary Euro-bias. …

Do global current account imbalances still matter in a world of deep international financial markets where gross two …' view of the world, large current account imbalances, while very possibly warranted by fundamentals and welcome, can also … same factors that dictate careful attention to global imbalances also imply, however, that data on gross international …

net external debt levels. In Spain and Portugal, cost competitiveness relative to the rest of the euro area would need to …A simple econometric framework is presented linking current account balances of euro area countries to intra and extra … euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically …

-up scenario that leaves Germany as the only member of the euro area and the Bundesbank as the sole owner of the ECB. In this …. Changes in German exposure to the rest of the euro area (or to the periphery) can differ in magnitude and in sign from …

economic booms in some peripheral Euro-zone countries financed by large capital inflows; the credit and asset price booms and … then the busts including Sudden Stops in capital flows; the strong interaction between sovereign debt and domestic banking … Latin American audiences. For those Euro-zone countries that built up large Euro-denominated external liabilities, Latin …

The current account has always been a neglected variable in the management of the Euro area and in the assessment of … deficits. It then examines some peculiar features of the growth experience under monetary union in four Euro area countries … discipline. The common monetary policy moreover did nothing to prevent an extraordinary growth of credit that fed the imbalances …

elsewhere. It argues instead that Europe had not only contributed handsomely to the buildup of global imbalances since the 1990s … homemade intra-Euroland and intra-EU imbalances, the simultaneous implosion of which has further aggravated Europe … inherited from Germany's mercantilist past and Bundesbank mythology. Steps toward a fiscal union to back the euro are also …