How Long to Read Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies

How Long Does it Take to Read Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies?

It takes the average reader and 34 minutes to read Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies by Mr. Thierry Tressel

Assuming a reading speed of 250 words per minute. Learn more

Description

Imbalances within the euro area have been a defining feature of the crisis. This paper provides a critical analysis of the ongoing rebalancing of euro area “deficit economies” (Greece, Ireland, Portugal, and Spain) that accumulated large current account deficits and external liability positions in the run-up to the crisis. It shows that relative price adjustments have been proceeding gradually. Real effective exchange rates have depreciated by 10-25 percent, driven largely by reductions in unit labor costs due to labor shedding. While exports have typically rebounded, subdued demand accounts for much of the reduction in current account deficits. Hence, the current account balance of the euro area as a whole has shifted into surplus. Internal rebalancing has come with subdued activity—notably very high unemployment in the deficit economies—and made continued adjustment more difficult. To advance rebalancing further, the paper emphasizes the need for: (1) macroeconomic policies that support demand and bring inflation in line with the ECB’s medium-term price stability objective; (2) continued EMU reforms (banking union) to ensure proper financial intermediation; and (3) structural reforms in product and labor markets to improve productivity and support the reallocation of resources to tradable sectors.

How long is Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies?

Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies by Mr. Thierry Tressel is 34 pages long, and a total of 8,636 words.

This makes it 11% the length of the average book. It also has 11% more words than the average book.

How Long Does it Take to Read Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies Aloud?

The average oral reading speed is 183 words per minute. This means it takes and 47 minutes to read Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies aloud.

What Reading Level is Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies?

Adjustment in Euro Area Deficit Countries: Progress, Challenges, and Policies is suitable for students ages 8 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

When deciding what to show young students always use your best judgement and consult a professional.

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