Edited by Jesper Jespersen and Mogens Ove Madsen
Chapter 12: European economic policy and the problem of current account imbalances: the case of Germany and Spain
The Great Recession has highlighted a problem generated since the launch of the European Monetary Union (EMU) that had not received preferential treatment from the authorities until recently: current account imbalances in several Member States. The Euro area as a whole has remained relatively close to external balance with the rest of the world since 1999, with an average net lending of 0.3 percent of GDP. This balance has swung from a current account surplus of 1.2 percent (2004) to a deficit of -0.6 percent (2009). However, within EMU there have been significant and growing external imbalances.
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