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2019
- handle: 10670/1.vzwkrs
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Organisation for Economic Co-operation and Development countries OECD member countries Mobility Internal migration Taxation--Government policy Tax policy Federalism Division of powers Federal systems Federal-state relations Federal-provincial relations Federal government--Law and legislation State planning Economic planning National planning Economic nationalism Public debt Sovereign debt National debts Government debts Debts, Government Public debts Expenses Costs (Economics) Capital assets Fixed assets Euro area Euro zoneCiter ce document
Patrick Artus, « What are the Euro Zone’s Main Difficulties? », Revue de l'OFCE, ID : 10670/1.vzwkrs
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We look at the euro zone’s major structural difficulties and the ways to correct them. They are: the growing heterogeneity of the member countries’ economies, due in particular to diverging productive specialisations and the fact that this heterogeneity is not corrected by federalism; the end of capital mobility between OECD countries; the lack of coordination of the economic policies that generate externalities between the euro-zone countries; the asymmetrical nature of adjustment mechanisms (fiscal policies, cost competitiveness), which are only implemented by the troubled countries; and the difficulty in managing fiscal policy and public debt.