Tressel, Thierry; Wang, Shengzu; Kang, Joong Shik; … - International Monetary Fund (IMF) - 2014
Imbalances within the euro area have been a defining feature of the crisis. This paper provides a critical analysis of … the ongoing rebalancing of euro area “deficit economies†(Greece, Ireland, Portugal, and Spain) that accumulated large … the reduction in current account deficits. Hence, the current account balance of the euro area as a whole has shifted into …