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External Imbalances in the EU: A REER-based Explanation

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  • Gábor Kutasi

Abstract

The debt crisis of the eurozone revealed a structural problem of the single market rooted in the external imbalance problem of indebted member states. The assumption of this paper is that the current account imbalances within the eurozone are based on an intra-eurozone competitiveness disparity originated in the single currency and the heterogeneity of member state development. The mix of infinite pegging and heterogeneity creates real effective exchange rate appreciation in the less competitive members, which further ruins their competitiveness in the EU. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2015

Suggested Citation

  • Gábor Kutasi, 2015. "External Imbalances in the EU: A REER-based Explanation," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 50(5), pages 301-308, September.
    • Handle: RePEc:spr:intere:v:50:y:2015:i:5:p:301-308
    DOI: 10.1007/s10272-015-0555-x
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    Cited by:

    1. Szűcs, Gábor, 2023. "Halmai Péter (szerk.): A Gazdasági és Monetáris Unió jövője. Európai perspektívák. Ludovika Egyetemi Kiadó, Budapest, 2021 [Halmai Péter (ed.): The future of the Economic and Monetary Union. Europe," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 233-241.

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