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Macroeconomic and Financial Crisis Management in the Southern and Eastern Mediterranean: Diagnosis and Prospects

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  • Ayadi, Rym

Abstract

This note takes a look at the development of monetary aggregates and debt in the G7 (US, UK, France, Germany, Italy, Canada and Japan), plus non-G7 euro-area countries, which have an important bearing on the future development of price levels. It also discusses the problem of restoring external competitiveness in the weaker euro-area countries without aggravating their debt burden. The key conclusions are i) monetary and debt developments in the G7 countries point to relatively sluggish growth but do not signal deflation risks and ii) the realignment of ‘internal real exchange rates’ in the euro area will most likely come through a rise in prices in Germany (and a few other stronger countries). The lessons learned in the early 1930s have made a come-back of deflation quite unlikely.

Suggested Citation

  • Ayadi, Rym, 2013. "Macroeconomic and Financial Crisis Management in the Southern and Eastern Mediterranean: Diagnosis and Prospects," CEPS Papers 8756, Centre for European Policy Studies.
    • Handle: RePEc:eps:cepswp:8756
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    File URL: http://www.ceps.eu/system/files/Macro%20%2526%20Fin%20Crisis%20Mgt%20in%20SEMCs.pdf
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    1. Ayadi, Rym & De Groen, Willem Pieter, 2013. "Policy Lessons for Macroeconomic and Financial Crisis Management in the Southern and Eastern Mediterranean," CEPS Papers 8758, Centre for European Policy Studies.
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    1. Ayadi, Rym & De Groen, Willem Pieter, 2013. "Policy Lessons for Macroeconomic and Financial Crisis Management in the Southern and Eastern Mediterranean," CEPS Papers 8758, Centre for European Policy Studies.

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