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Title Adjustment in euro area deficit countries : progress, challenges, and policies / prepared by Thierry Tressel, Shengzu Wang, Joong Shik Kang, and Jay Shambaugh, directed by Jörg Decressin and Petya Koeva Brooks
Published Washington, D.C. : International Monetary Fund, European Department and Research Department, 2014
Online access available from:
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Description 1 online resource (34 pages)
Series IMF staff discussion note ; SDN/14/7
IMF staff discussion note ; SDN/14/7
Summary "Imbalances within the euro area have been a defining feature of the crisis. Since the start of Economic and Monetary Union (EMU), several euro area 'deficit' economies have accumulated large net foreign liabilities (NFLs) on the back of domestic demand booms and large capital inflows. These included Greece, Ireland, Portugal, and Spain. When the crisis hit, capital inflows stopped, and liquidity dried up. The deficit economies suffered deep recessions and very large increases in unemployment rates. The primitive forces that caused external imbalances have partly been reined in, including scaled-back expectations about future productivity growth and related capital flows and reduced implicit guarantees owing to financial sector reforms and policy actions, including debt restructuring."--Executive summary
Notes "July 2014."
Subject Balance of payments -- European Union countries
Budget deficits -- European Union countries
Financial crises -- European Union countries
Monetary unions -- European Union countries.
Balance of payments.
Budget deficits.
Financial crises.
Monetary unions.
European Union countries.
Form Electronic book
Author Tressel, Thierry.
International Monetary Fund. European Department.
International Monetary Fund. Research Department.
ISBN 1498309119