Unia Gospodarcza i Walutowa a problem międzynarodowej nierównowagi płatniczej

Abstract

EMU is not in the centre of debate on global imbalances, as its external position is „close to balance”. However, divergences between surplus and deficit countries as well as its heterogeneity can predict the asymmetry in adjustment process under one of the alternative scenario. In a highly globalised world, monetary union does not isolate the member countries form the global imbalances. This is why the euro area must prepare itself to better absorb the shock in case of unwinding of the imbalances, mainly through structural reforms that improve the flexibility and resilience of its constituent economies.