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. But Germany has almost equally consistently run current account surpluses. Exports have powered the dynamic phases and … delivery of services, will be good for Germany and for the global economy. Absent such an effort, German growth will remain … constrained, and Germany will play only a modest role in spurring growth elsewhere. …
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Belgium has effected a remarkable fiscal adjustment, best illustrated by the decline in its public debt. While benefiting from an appreciable decline in interest rates, most of the underlying consolidation reflected a considerable increase in the tax burden, one of the highest in the...
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by reducing real wages below levels allowed by technological growth, changes in the unemployment rate, and institutional …
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