There is a symmetrical debate in two Euro area core countries: in France about the restrictive fiscal policy of Germany …, leading to a huge external surplus, in Germany about the insufficient compliance with fiscal rules and the lack of structural …, that Germany's industry is not more integrated in international value chains than that of France or Italy. We then look at …

the instability of the transition period. However, since then there has been convergence on the Eurozone economy at short …