Arbeitspapier
European perspectives on global imbalances
The large and growing US current account deficit has its counterpart in the large and growing current account surpluses in Asia and in the major oil-exporting countries. Although Europe is not part of the problem of global imbalances, Europeans are concerned that a disproportionately large burden of adjustment will fall on Europe. Without more exchange rate flexibility in Asia, adjustment may involve excessive appreciation of European currencies. The euro-area economy is not flexible enough to cope easily with a substantial euro appreciation, which would depress already sluggish growth and exacerbate divergences within the euro area. If EU institutions do not deliver in the face of a sharp appreciation in the euro, Europe’s responses could be more erratic, and there would be a greater risk of a more protectionist response.
- Language
-
Englisch
- Bibliographic citation
-
Series: Bruegel Working Paper ; No. 2006/01
- Classification
-
Wirtschaft
- Subject
-
Außenwirtschaftliches Gleichgewicht
USA
OPEC-Staaten
EU-Staaten
- Event
-
Geistige Schöpfung
- (who)
-
Ahearne, Alan
von Hagen, Jürgen
- Event
-
Veröffentlichung
- (who)
-
Bruegel
- (where)
-
Brussels
- (when)
-
2006
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Ahearne, Alan
- von Hagen, Jürgen
- Bruegel
Time of origin
- 2006
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