The euro area: an unbalanced rebalancing?

This event will feature a presentation by Mahmood Pradhan and Petya Koeva Brooks based on the recently published IMF World Economic Outlook and other IMF research into Euro area external rebalancing. The presentation will be followed by comments by Philippe Weil and an open discussion chaired by Guntram Wolff.

Since the global financial crisis, external imbalances have declined, both globally and within the euro area. However, within the euro area, the rebalancing has been highly asymmetric. While most debtor countries, such as Greece, Ireland, and Spain, have seen substantial current account improvements, this partly reflects cyclical factors and stock imbalances remain large. At the same time, creditor countries, such as Germany and the Netherlands, have maintained very large and persistent surpluses, partly reflecting weak domestic demand. The presentation will analyze the factors that are holding back a more balanced recovery, and set out a policy agenda to support sustainable growth in the euro area and contribute to global rebalancing.

Speakers

• Mahmood Pradhan, Deputy Director of the IMF’s European Department,
• Petya Koeva Brooks, Assistant Director of the IMF’s European Department
• Philippe Weil, Professor of Economics, Université libre de Bruxelles
• Chair: Guntram Wolff, Director of Bruegel

Event materials

• IMF World Economic Outlook October 2014
• iMF Direct: Euro Area: An Unbalanced Rebalancing
• Euro Area Policies: Selected Issues (starting at p. 67)
• Presentation by Petya Koeva Brooks & Mahmood Pradhan -
• Presentation by Philippe Weil -

Practical details

• Venue: Bruegel, Rue de la Charité 33, 1210 Brussels
• Time: Wednesday 22 October 2014, 12.30-14.00. Lunch will be served ahead of the event at 12.30 after which the event will begin at 12.45.
• Contact: Matilda Sevón, Events Manager - [email protected]