the most indebted agents will be a necessary condition for achieving balanced growth. This paper analyses the deleveraging … form deleveraging is taking. Arguably, too, differences in observed patterns of adjustment are related to distinct economic … Ireland and Spain the reduction in net financing flows is proving more important. Deleveraging processes will foreseeably …

features of the current scenario faced by some euro area countries, combine to produce a slow and protracted deleveraging of … the end of deleveraging and the exit from recession …

and a slow deleveraging process in its “periphery”. We find that the joint implementation of pro-competition structural …