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history. The eurozone experience showed the emergence of large current account imbalances. The peculiar mixture of financial … markets integration and national cycles in wages and prices gave rise to severe macroeconomic instability. The Swan Diagram is …
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This paper studies the experiences with fiscal adjustments in the EuropeanUnion (EU) countries during the transition period to the Economic andMonetary Union (EMU). Using several approaches suggested in the literatureon fiscal adjustments and their macroeconomic effects and in the literatureon...
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