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The simple macroeconomics of North and South in EMU

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  • Jean Pisani-Ferry
  • Silvia Merler

Abstract

The euro area today consists of a competitive, moderately leveraged North and an uncompetitive, over-indebted South. Its main macroeconomic challenge

Suggested Citation

  • Jean Pisani-Ferry & Silvia Merler, 2012. "The simple macroeconomics of North and South in EMU," Bruegel Working Papers 740, Bruegel.
    • Handle: RePEc:bre:wpaper:740
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    References listed on IDEAS

    as
    1. Günter Coenen & Christopher J. Erceg & Charles Freedman & Davide Furceri & Michael Kumhof & René Lalonde & Douglas Laxton & Jesper Lindé & Annabelle Mourougane & Dirk Muir & Susanna Mursula & Carlos d, 2012. "Effects of Fiscal Stimulus in Structural Models," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(1), pages 22-68, January.
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    Cited by:

    1. Zsolt Darvas, 2013. "The Euro Area's Tightrope Walk: Debt and Competitiveness in Italy and Spain," Working Papers 1307, Department of Mathematical Economics and Economic Analysis, Corvinus University of Budapest.
    2. Taiki Murai & Gunther Schnabl, 2021. "Macroeconomic Policy Making and Current Account Imbalances in the Euro Area," CESifo Working Paper Series 9153, CESifo.
    3. Zsolt Darvas, 2012. "The euro crisis- ten roots, but fewer solutions," Bruegel Policy Contributions 755, Bruegel.
    4. Schnabl Gunther, 2018. "Monetary Integration, Fiscal Divergence and Current Account Imbalances in Europe," The Economists' Voice, De Gruyter, vol. 15(1), pages 1-16, December.
    5. Berthou, A. & Gaulier, G., 2013. "Dynamiques de salaires et rééquilibrage des comptes courants dans la zone euro," Bulletin de la Banque de France, Banque de France, issue 191, pages 43-58.
    6. Zsolt Darvas, 2012. "Intra-euro rebalancing is inevitable but insufficient," Bruegel Policy Contributions 747, Bruegel.
    7. Gunther Schnabl & Timo Wollmershäuser, 2013. "Fiscal Divergence and Current Account Imbalances in Europe," CESifo Working Paper Series 4108, CESifo.
    8. Ferrán Brunet, 2013. "Convergence and Divergences in the European Economy: Rebalancing and Being Competitive in a Non-optimal Monetary Union," Working Papers 03/13, Instituto Universitario de Análisis Económico y Social.

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