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.
"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...
Washington, D.C. :
International Monetary Fund, European Department and Research Department,
|Series:||IMF staff discussion note ;