ECB’s Bini Smaghi on causes of euro-area imbalances
Lorenzo Bini Smaghi, a member of the executive board at the European Central Bank (ECB), said on Monday that a failure by national authorities to implement important labour and product market reforms during the adoption of the euro caused imbalances and vulnerabilities to emerge in the euro area.
At the Halle Institute for Economic Research in Halle an der Saale, Germany, Bini Smaghi said: "The expectation of higher levels of income led to excessive consumption and investment compared with the
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