Suddenly sunnier days for balancing Europe's trade

Recent data shows the current-account deficits of Greece, Italy, Spain, and Portugal have improved at a rapid pace and are actually close to being balanced – a key requirement for a return to post-crisis Europe.

VoxEU

The large current-account imbalances that had emerged within the eurozone in the years leading up to 2008 reflected heterogeneous developments in unit labour costs and spending patterns across the currency union.

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