ECB paper studies imbalances in major eurozone countries

Interest rate stimulus effect 'not overly large' in addressing intra-regional differences


A new European Central Bank working paper, External and macroeconomic adjustment in the larger euro area countries, explores the "malign" issues presented by divergent deficits and surpluses of large euro area states – despite the Eurozone itself having a broadly balanced current account.

The authors, Elena Angelini, Michele Ca' Zorzi and Katrin Forster use a new multi-country model developed by the ECB to cover the larger economies of France, Italy, Germany, Spain and the Netherlands to

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