Northern European countries, in particular Germany, have tended to be in surplus. The paper scrutinizes the role of diverging …

The paper provides an account of the meaning and implications of TARGET2 in the eurozone (EZ) balance of payments …

, Ireland and Portugal, while to a smaller extent depressing aggregate economic activity in core member states, such as Germany …

, Ireland and Portugal, while to a smaller extent depressing aggregate economic activity in core member states, such as Germany …

economies, while Germany and the Netherlands ran large surpluses. These imbalances are larger and more sustained than those …

deficits by historical standards, while Finland, Germany and the Netherlands had substantial surpluses. Some of these deficits …

two deficits is asymmetric and the negative impact of the recent Eurozone banking and sovereign debt crisis on the current … positive impact of the budget balance on the current account balance is higher in the cases of non-Eurozone countries, high … budget deficit countries, and low exports countries, whereas it is lower in the cases of Eurozone countries, low budget …