Keynes’s General Theory for Today
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Keynes’s General Theory for Today

Contemporary Perspectives

Edited by Jesper Jespersen and Mogens Ove Madsen

The themes of this important new volume were chosen to mark the 75th anniversary of the publication of The General Theory of Employment, Interest and Money. The distinguished authors concentrate on the relevance of this seminal publication for macroeconomic theory, method and the politics of today. This is particularly pertinent as similarities with the 1930s are striking in terms of unemployment, low growth, financial fragility and the European monetary union resembling the gold standard.
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Chapter 12: European economic policy and the problem of current account imbalances: the case of Germany and Spain

Jorge Uxó, Jesús Paúl and Eladio Febrero


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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