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Diverging current account balances in the euro area
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While the current account of the euro area is broadly in balance, there are huge divergences among the member states. |
Countries
The challenges of joining EMU under price level convergence
10.09.2007
By: John Lewis, De Nederlandsche Bank
How difficult is it to meet the Maastricht criteria and and for how long? It very much depends on the entry strategy. Exchange rate fixers have very little scope to accommodate price convergence via inflation, and hence find life much harder than inflation targeters who have some room to appreciate their nominal exchange rate in ERM-II.
Another Landesbank bites the dust
27.08.2007
By: Wolfgang Münchau
It is no accident that the German banking crisis effects only public-sector financial institutions. They are the rotten core of the country's economic system.
Is Sarkozy winning?
12.07.2007
By: Wolfgang Münchau
Germany should come up with its own plans for policy coordination. Otherwise, Sarkozy is going to win this debate.
Mr Sarkozy and the euro
10.07.2007
By: Jean Pisani-Ferry, Bruegel
By attending the eurogroup meeting this week, Nicolas Sarkozy was above all making a political statement. After a decade of conspicuous absence by the heads of state and government at these meetings, Nicolas Sarkozy clearly intended to start a new chapter. But he lacks credibility. France cannot at the same time plead for a strengthening of the euro area governance and ignore the agreements that have already been reached.