Spain Nears Trade Equilibrium

Well, equilibrium is a bit exaggerated. In May, Spain's trade balance accumulated over 12 months - my favorite way of looking at this data for seasonality - registered a deficit of about 20.5 billion euros, which is equal to roughly 2 percent of the GDP. The data improved by slightly more than 2 billion euros in April, due to an increase…
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Towards a re-balanced China

Since the start of the opening-up and reform period in 1978, the rest of the world has been stupefied by China’s long period of very high growth. Now all we hear about is that growth is slowing down. Further, this time the chinese authorities are not offsetting the slowdown by large fiscal and monetary stimuli:…

The euro under construction

The crisis in the euro area is long and painful, and progress towards its resolution is not proceeding in a linear way. The problem by now has been well-diagnosed. The euro was put in place without the proper institutions to support it. A monetary union needs a fiscal union pillar, a financial stability pillar and…
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