Schreiner, Josef; Schneider, Martin; Riedl, Aleksandra - Oesterreichische Nationalbank
more flexible exchange rate arrangement in 2010. Euro area real GDP grew by just 0.3% quarterly in the fourth quarter of … 2010. Euro areawide unemployment reached 9.9% in January 2011, just 0.2 percentage points short of the 12-year peak … February 2011. While the economic recovery implied a reversal of public debt dynamics in most euro area countries, the high …