The Importance of Trade and Capital Imbalances in the European Debt Crisis

January 1, 2013

The current debate on the European crisis has highlighted the role of fiscal imbalances in explaining the turmoil that has dominated Europe in the past few years. This paper adopts a different point of view by suggesting that intra-European payments imbalances are crucial for the survival of the Economic and Monetary Union (EMU).

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Topics: INTERNATIONAL MONETARY FUND (IMF) EUROPEAN MONETARY UNION (EMU)

Regions: EUROPEAN UNION (EU)

Authors: ANDREW HUGHES HALLETT JUAN CARLOS MARTINEZ OLIVIA

Publishing Institution: PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS

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