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In search of symmetry in the eurozone. CEPS Commentary, 2 May 2012

De Grauwe, Paul. (2012) In search of symmetry in the eurozone. CEPS Commentary, 2 May 2012. [Policy Paper]

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    Abstract

    The analysis in this Commentary provides strong evidence that the burden of the adjustments to the imbalances in the eurozone between the surplus and the deficit countries is borne almost exclusively by the deficit countries in the periphery. And although the European Commission has now been invested with the important responsibility of monitoring and correcting macroeconomic imbalances in the framework of the Macroeconomic Imbalance Procedure (MIP), the author finds that so far it has imposed a lot of pressure on the deficit countries but fails to impose similar pressure on the surplus countries, with the effect that the eurozone is being kept in a deflationary straitjacket.

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    Item Type: Policy Paper
    Uncontrolled Keywords: PIIGS.
    Subjects for non-EU documents: Countries > Greece
    Countries > Ireland
    Countries > Italy
    Countries > Portugal
    Countries > Spain
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    Subjects for EU documents: UNSPECIFIED
    EU Series: UNSPECIFIED
    ["eprint_fieldname_eusries" not defined]: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 04 May 2012 12:28
    Number of Pages: 5
    Last Modified: 04 May 2012 12:28
    URI: http://aei.pitt.edu/id/eprint/34848

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