Schnabl, Gunther; Wollmershäuser, Timo - 2013
Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and … Northern European countries, in particular Germany, have tended to be in surplus. The paper scrutinizes the role of diverging … arrangements (floating exchange rates, European Monetary System, and European Monetary Union). It sheds light on the interaction of …