Calmfors, Lars; Corsetti, Giancarlo; Honkapohja, Seppo; … - In: EEAG Report on the European Economy (2006) 03, pp. 50-67
crisis under the current frameworks for monetary and fiscal policy. The sizeable government budget deficits in some large EU …Huge global imbalances have emerged as a result of the massive current account deficits of the US. The US deficit is … largely matched by surpluses in Asia, oil-exporting countries and a few European countries. Correction of global imbalances …