Economic and Monetary Union (EMU)
Monetary union hampers current account adjustment, say Bundesbank economists
Paper examines current account dynamics in countries with fixed and floating exchange rates, and countries in a monetary union; find evidence that monetary union might aggravate existing imbalances
Draghi calls for closer eurozone union ‘in all fields of economic policy'
Eurozone members need to sort out external imbalances and unemployment as well as acting together to secure banking union