The Eurozone crisis: Fiscal fragility, external imbalances, or both?
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Pietro Alessandrini, Andrew Hughes Hallett, Andrea F Presbitero, Michele Fratianni 16 May 2012
Unsustainable debt along Europe’s periphery is bringing the euro to breaking point. But this column argues that this is not simply the result of fiscal ill-discipline. After 2010, the Eurozone crisis went from a fiscal crisis to a balance-of-payments crisis – with different prescriptions for policy.
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