Low savings widened Southern Europe's fiscal gap: IMF paper
A paper published by the IMF on 1 June examines the causes, consequences, and potential cures of the large current account deficits experienced in the Southern eurozone countries since the mid-1990's and finds that shortfalls in government finances were mostly driven by a decline in private saving rates.
The authors, Florence Jaumotte and Piyaporn Sodsriwiboon, believe the European monetary union enabled countries such as Cyprus, Greece, Italy, Malta, Portugal, Slovenia, and Spain, to maintain
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