Guillemette, Yvan; Turner, David - Economics Department, Organisation de Coopération et … - 2013
euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically …-adjust observed current account balances and illustrate the scale of the additional adjustments to competitiveness and/or fiscal … net external debt levels. In Spain and Portugal, cost competitiveness relative to the rest of the euro area would need to …