We study the origin of European imbalances in the context of European integration. As a whole, the European Union and Eurozone have had nearly balanced external accounts. However, member countries have presented divergent positions. We analyse the factors underlying the presence of European...

In this paper, we analyse the ECB policy measures in place since the outbreak of the financial crisis. First, we discuss the categorisation of the measures implemented by the ECB. Second, we study the phases of the crises and the concrete policy responses. Third, we conduct a comparative...

In this paper, we survey and analyse the economic literature on global and European imbalances and their connection with the global financial crisis. In the years preceding the crisis, there was increased attention to the existence of large current account imbalances among large economies...