quinta-feira, 31 de outubro de 2013

A Reserva Federal Norte-Americana explica à Europa quem tem de mudar de vida

E não somos (só) nós:

Euro a rea deficit countries have sharply reduced their current account deficits, but euro a rea surplus countries have not reduced their current account surpluses. (...)

To ease the adjustment process within the euro area, countries with large and persistent surplus need to take action to boost domestic demand growth and shrink their surpluses . Germany has maintained a large current account surplus throughout the euro area financial crisis, and in 2012, Germany’s nominal current account surplus was larger than that of China.

Germany’s anemic pace of domestic demand growth and dependence on exports have hampered rebalancing at a time when many other euro - area countries have been under severe pressure to curb demand and compress imports in order to promote adjustment.

The net result has been a deflationary bias for the euro area, as well as for the world economy. (...)

The EU’s annual Macroeconomic Imbalances Procedure, developed as part of the EU’s increased focus on surveillance, should help signal building external and internal imbalances; however, the procedure remains somewhat asymmetric and does not give sufficient attention to countries with large and sustained external surpluses like Germany.

Fonte: Report to Congress on InternationalEconomic and Exchange Rate Policies (via Ladrões de Bicicletas)