Trichet on common fallacies of competitiveness
Jean-Claude Trichet, the president of the European Central Bank, on Wednesday outlined a number of fallacies on competitiveness in the euro area.
At a lecture at the University of Liège, in Belgium, Trichet said: "Misguided national economic policies can lead to the emergence of excessive competitiveness gaps between the members of the currency union. The primary symptoms of such competitive gaps are usually mounting current account deficits, significant accumulated differences in indicators of
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