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competitiveness are not high on the agenda of the politicians responsible and their advisers, time to save the euro is running out. …
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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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