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Sudden stops in the euro area

Silvia Merler () and Jean Pisani-Ferry ()

Policy Contributions from Bruegel

Abstract: The single currency was expected to make balance of payments irrelevant between the euro-area member states. This benign view has been challenged by recent developments, especially as imbalances between euro-area central banks have widened within the TARGET2 settlement system.Current-account developments can be misleading as indicators of financial account developments in countries that receive significant official support. Greece, Ireland, Italy, Portugal and Spain experienced significant private-capital inflows from 2002 to 2007-09,...

Date: 2012-03
New Economics Papers: this item is included in nep-cba, nep-eec, nep-ifn and nep-mon
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