The mathematician of the Complutense University of Madrid, José-Vidal Ruiz Varela, argues that Europe must raise its borrowing limit, leaving its deflationary policy.
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jueves, 31 de mayo de 2012

Seven euro zone countries have imbalances

Seven of the euro zone's 17 countries are suffering from economic imbalances which require corrective policy action but the problems are not "excessive," the European Commission said in a report Wednesday
It said that another five European Union members that don't use the euro are also suffering such imbalances
The Commission had said in February it would carry out an in-depth probe of seven euro-zone countries because of concerns over issues like persistent current-account deficits, high levels of private and public debt, housing market bubbles and loss of price competitiveness
Under new rules, the Commission could eventually have sanctioned countries considered to have excessive imbalances if those countries hadn't taken corrective action
But in its report setting out policy advice for euro-zone countries, the Commission said it believes the macroeconomic imbalances in the seven countries are "not excessive in nature."
The seven euro-zone countries investigated were Belgium, Cyprus, Finland, France, Italy, Slovenia and Spain
Countries receiving financial assistance--Greece, Ireland and Portugal--were exempted from the review
The five non-euro EU countries the Commission said had to tackle macroeconomic imbalances are Bulgaria, Denmark, Hungary, Sweden and the U.K.
The Commission said its in-depth reviews of the seven euro-zone countries confirm that the imbalances are lessening somewhat, "which is evident from reductions in current account deficits, retrenchment in credit flows, or corrections in housing prices."
But the European Union's executive arm also said levels of external, private and public debt "imply a pressing need for deleveraging which is likely to have an adverse impact on growth in the years to come."
The imbalances report is part of the tighter surveillance of economies that the Commission has been asked to do to prevent a recurrence of the debt crisis
It said these imbalances "were part of the root causes of the current economic crisis."

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