Euro-spawned divergent growth and inflation caused external payments imbalances


Euro-spawned divergent growth and inflation caused external payments imbalances. Government profligacy did not divide ‘saints’ from ‘sinners’. In the good years Germany was a near-sinner. Its budget deficit exceeded the Eurozone average and was a whisker below the 3% Maastricht limit. Spain and Ireland were saints with budget surpluses.

Lombard Street Research, Special Report – March 5, 2012, p. 7

Source: lombardstreetresearch

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This entry was posted in Accountability, Austerity / Cutbacks, Bankers' Bailout, Budget, Commodities & Cost of Living, Economy, EU, Euro / Sovereign Money, Fiscal Compact Treaty, Germany, ireland, Referendum and tagged , , , . Bookmark the permalink.

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