Sudden stops in the euro area
Silvia Merler () and
Jean Pisani-Ferry ()
Policy Contributions from Bruegel
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,...
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Journal Article: Sudden Stops in the Euro Area (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:bre:polcon:718
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