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This paper contributes to the discussion on the European current account imbalances by analysing the intra-European trends since 1990 based on the theory of optimum currency areas. The authors show that German unification was the origin of not only the 1992-93 EMS crisis but also rising...
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to be a key indicator of the internal imbalances of the eurozone. German current account surplusses are confronted with …
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do not determine the current account balance, bilateral capital flows between member countries of the eurozone are not … Germany for being responsible for the current eurozone crisis are not supported by the data. Furthermore, current accounts are …
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