ECB's Gonzalez-Paramo on regional divergence

In the speech 'Regional divergence in the euro area' given on 19 September Jose Manuel Gonzalez-Paramo of the ECB said growth and inflation differentials among euro countries are far from being large, whether from a historical perspective or compared with other monetary unions.

"They appear to be, however, relatively persistent," Gonzalez-Paramo concluded.

"While differences across countries can be seen as a normal feature in any monetary union, lasting economic differentials that are the product

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