Some euro area countries accumulated large and persistent external imbalances during the upswing, revealing important … pressures. External imbalances were driven by underlying domestic economic, financial and sometimes fiscal imbalances. These …-optimistic growth expectations encouraged excessive risk-taking in both deficit and surplus countries. Harmful imbalances can be …

of current account imbalances. Given that exchange rate devaluations are no longer available in a monetary union, one … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …

of current account imbalances. Given that exchange rate devaluations are no longer available in a monetary union, one … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …

of current account imbalances. Given that exchange rate devaluations are no longer available in a monetary union, one … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …

of current account imbalances. Given that exchange rate devaluations are no longer available in a monetary union, one … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …

of current account imbalances. Given that exchange rate devaluations are no longer available in a monetary union, one … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …

explore the role of financial links in the accumulation and then adjustment of current account imbalances in the euro area …