Tressel, Thierry; Wang, Shengzu; Kang, Joong Shik; … - International Monetary Fund (IMF) - 2014
the ongoing rebalancing of euro area “deficit economies†(Greece, Ireland, Portugal, and Spain) that accumulated large … surplus. Internal rebalancing has come with subdued activity—notably very high unemployment in the deficit economiesâ …€”and made continued adjustment more difficult. To advance rebalancing further, the paper emphasizes the need for: (1 …