CEPR: PIGS neglected current account deficits
A Centre for Economic Policy Research paper published in September identifies factors that led to the build up of current account deficits in Europe and finds that the adoption of the single currency caused countries to neglect the sustainability of their financial positions.
Francesco Giavazzi and Luigi Spaventa, the paper's authors, argue that the current account has always been a neglected as a variable in the management and assessment of eurozone members' performance and their savings
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