G2TT
来源类型Chatham House Briefing
规范类型简报
Intra-European Imbalances: the Need for a Positive-sum-game Approach
Paolo Guerrieri
发表日期2012-12-01
出版年2012
语种英语
摘要
  • Over the first 10 years of the euro Southern Europe has suffered a massive loss of competitiveness and built up large current account deficits vis-à-vis the North. For many years, very little attention was paid to these imbalances. The global financial crisis, however, has put an end to the easy financing of these deficits and has revealed many weaknesses in the euro architecture.
     
  • Current account imbalances derived both from structural microeconomic factors (Germany's successful production restructuring) and from the asymmetric macroeconomic effects of the European Monetary Union or single currency on creditor and debtor countries.
     
  • The official policy, however, is that this adjustment should be entirely one-sided. Domestic spending must fall on debtor countries, with no offsetting expansionary policy in the creditors. As a consequence, growth has suffered and recession has hit all peripheral countries.
     
  • The present zero-sum-game approach is risky for the stability of the euro area. The right approach must combine more symmetrical macroeconomic fiscal adjustment with microeconomic policy measures aimed at encouraging productivity increases.
     
  • Cooperation and policy coordination are needed to avoid the present 'beggar thy neighbour' situation. In this regard, the new European Governance Framework could fruitfully be further integrated and more effectively used than it has been so far.
主题Global Economy and Finance ; International Finance System
区域European Union ; Europe
URLhttps://www.chathamhouse.org/publications/papers/view/188003
来源智库Chatham House (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/49266
推荐引用方式
GB/T 7714
Paolo Guerrieri. Intra-European Imbalances: the Need for a Positive-sum-game Approach. 2012.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Paolo Guerrieri]的文章
百度学术
百度学术中相似的文章
[Paolo Guerrieri]的文章
必应学术
必应学术中相似的文章
[Paolo Guerrieri]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。