Abad, José M.; Löffler, Axel; Schnabl, Gunther; … - 2012
fiscal policy paths and diverging unit labour costs were the driving force of rising intra-European current account … for the German banking sector. The paper shows how since the outbreak of the crisis the adjustment of intra-EMU current … account imbalances is postponed by a rising divergence of TARGET2 balances, as the repatriation of private international …