Credores e devedores na zona euro

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Wolfgang Munchau recorda, no Financial Times de ontem, um ponto em que tenho insistido muito aqui: a correcção dos desequilíbrios no seio da zona euro deve envolver tanto a redução dos défices como a dos superavites excessivos e sistemáticos:

"The second essential prerequisite for survival is a reduction in internal imbalances, which lie at the core of the current crisis. This is an issue that requires action both in countries with large current account deficits, such as Greece and Spain, and in those with large surpluses such as Germany. While Spain, for example, would need to reform its labour market to bring about adjustments in real wages, Germany should implement policies to stimulate consumption, including a long-overdue income tax reform. The build-up of these imbalances is the underlying reason why the Greek problem got out of hand."

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