Moreover, even if the US external deficit only ceases to expand, this would impart a negative impulse to growth in the euro area compared with the situation that has prevailed on average over the past decade when the US economy has imparted substantial net stimulus to global growth via its widening external deficits.

analysis of the rebalancing of euro area deficit countries. The paper focuses on “deficit economies,” defined as the euro area economies that accumulated very large current account deficits and net external liability positions in recent years and suffered severe market …

Current Account Deficits in the Euro Area: The End of the Feldstein-Horioka Puzzle? IN 2000-OI THE CURRENT account deficit of Portugal reached 10 percent of its GDP, up from 2-3 percent at the start of the 1990s. These deficits are forecast to continue in the 8-9 percent range for the indefinite future. Greece is not far behind. Itscurrentaccountdeficitin2000-2001wasequalto6-7%ofGDP, up from 1-2% in the early1990s, and again, the forecasts are fordeficitsto remain high, in the 5-6% range. Forte and Magazzino (2015) used annual data to examine the Ricardian Equivalence (RE) and twin deficits hypotheses (fiscal and trade) for Eurozone countries .

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This is highly improbable given that Europe exports more to us than we export to them, which is why we have a sizeable trade deficit. It would  ”deficit bias”. • Nu räckte inte övrig politik till Euro area. -6.1.

EU forecasts deficit next year for six euro area countries . Source: European Commission November forecast.

Based on the IMF Fiscal Monitor’s April forecast of a euro area deficit of 7.5% of GDP in 2020 and 3.6% in 2021 (IMF 2020b), which at current prices translates into roughly €900 billion and €400 billion, we can approximate the increase in the euro area price level that an additional money creation by the ECB to the tune of €900 billion and €400 billion would bring about, all else being equal.

During the same period, the unadjusted primary surplus went down from 2.9% to 0.6%.2 This “consolidation inertia” is mirrored at the legislative level by the radical changes made to the Stability and Growth Pact. Furthermore, the financial risks behind T2 positions, and the relationship to the monetary base, the euro area’s liquidity deficit and intra-euro-area current account deficits are discussed in greater detail.

Based on the IMF Fiscal Monitor’s April forecast of a euro area deficit of 7.5% of GDP in 2020 and 3.6% in 2021 (IMF 2020b), which at current prices translates into roughly €900 billion and €400 billion, we can approximate the increase in the euro area price level that an additional money creation by the ECB to the tune of €900 billion and €400 billion would bring about, all else being equal.

In the euro area the government debt to GDP ratio declined from 87.1% at the end of 2017 to 85.1% at the end of 2018, and in the EU28 from 81.7% to 80.0%. Home > Publications > Reports > Macroeconomic and sectoral statistics > Annual Fiscal Position > National tables > Euro area > Italy > Revenue, expenditure and deficit/surplus (as % of GDP) Publications The Evolution of Current Account Deficits in the Euro Area Periphery and the Baltics: Many Paths to the Same Endpoint Prepared by Joong Shik Kang and Jay C. Shambaugh1 Authorized for distribution by Hamid Faruqee July 2013 Abstract Explanations of the large current account deficits for the euro area periphery and the analysis of the rebalancing of euro area deficit countries. The paper focuses on “deficit economies,” defined as the euro area economies that accumulated very large current account deficits and net external liability positions in recent years and suffered severe market pressure: Greece, Ireland, Portugal, and Spain. their budget deficit must not exceed 3% of gross domestic product (GDP); public debt (government debt & that of public agencies) must not exceed 60% of GDP. Every April, euro area countries submit stability programmes to the Commission and Council, while non-euro area countries submit convergence programmes to the same institutions.

IN 2000-OI THE CURRENT account deficit of Portugal reached 10 percent of its GDP, up from 2-3 percent at the start of the 1990s. These deficits are forecast to continue in the 8-9 percent range for the indefinite future. Greece is not far behind. Itscurrentaccountdeficitin2000-2001wasequalto6-7%ofGDP, up from 1-2% in the early1990s, and again, the forecasts are fordeficitsto remain high, in the 5-6% range.
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Note: Map shows forecast for general government balance as percent of GDP in 2021. General government surplus/deficit. The EU-27’s government deficit-to-GDP ratio increased from -0.4 % in 2018 to -0.5 % in 2019, while this ratio also increased in the EA-19 from -0.5 % to -0.6 %. For 2018, at the level of the EU-27 and euro area, the lowest deficits in the available time series were observed. Balance of Trade in the Euro Area averaged 7265.02 EUR Million from 1999 until 2021, reaching an all time high of 30614.30 EUR Million in July of 2015 and a record low of -16418.80 EUR Million in January of 2011.

The euro convergence criteria are the criteria which European Union member states are required to meet to enter the third stage of the Economic and Monetary Union and adopt the euro as their currency. The four main criteria, which actually comprise five criteria as the "fiscal criterion" consists of both a "debt criterion" and a "deficit criterion", are based on Article 140 of the Treaty on the Functioning of the European Union. Full EMU membership is only open to EU member states If the EU Member State does not comply with both the deficit limit and the debt limit, a so-called "Excessive Deficit Procedure" (EDP) is initiated along with a deadline to comply, which basically includes and outlines an "adjustment path towards reaching the MTO".
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Twenty of the EU's 27 members have now been the subject of some form of deficit action from the European Commission, meaning a report with a timetable to 

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.