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Book Cover
Author Tressel, Thierry.

Title Rebalancing in the Euro Area and cyclicality of current account adjustments / Thierry Tressel and Shengzu Wang
Published [Washington, D.C.] : International Monetary Fund, [2014]
Online access available from:
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Description 1 online resource (31 pages) : color illustrations
Series IMF working paper ; WP/14/130
IMF working paper ; WP/14/130
Summary "The paper examines progress with the external rebalancing of euro area deficit countries. Relative prices are adjusting at different pace across countries and with different compositions of wage cuts and labor shedding. There is so far limited evidence of resource re-allocation from non-tradable to tradable sectors, while improved export performance is still dependent on external demand from the rest of world. Current account adjustments have taken place, reflecting structural changes but also cyclical forces, suggesting that part of the improvements may unwind when cyclical conditions improve. Looking ahead, relying only on relative price adjustments (which adversely affects demand) to rebalance the euro area could prove very challenging. Structural reforms will play an important role in the reallocation of resources to the tradable sector and the associated relative price adjustment, while boosting non-price and price competitiveness"--Abstract
Notes "European Department"--Page 2 of pdf
"July 2014."
Bibliography Includes bibliographical references (pages 29-30)
Notes Online resource; title from pdf title page ( Web site, viewed July 23, 2014)
Subject Balance of payments -- European Union countries.
Competition -- European Union countries.
Debts, External -- European Union countries.
Form Electronic book
Author Wang, Shengzu, 1978-
International Monetary Fund. European Department.
ISBN 1498333923