Outlook rosier towards the East: ECB paper

A European Central Bank paper published on Thursday says the economic outlook for the next few years looks rosier for the Middle East, North Africa and the East than for the West.

Fabio Canova and Matteo Ciccarelli, the paper's authors, investigate the similarities of macroeconomic fluctuations in the Mediterranean basin and their convergence. They find that convergence and divergence coexist in the region and are reversible. Except for the West, domestic cyclical fluctuations are still due to

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