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ARTICLE · 14 MAY 2013

Deloitte Monday Briefing: Change In The Euro Area

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The Monday Briefing, written by Ian Stewart, Deloitte's Chief Economist in the UK, gives a personal view on topical financial and economic issues.

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Ian Stewart
Ian Stewart
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The Monday Briefing, written by Ian Stewart, Deloitte's Chief Economist in the UK, gives a personal view on topical financial and economic issues.

  • In response to its existential crisis, the euro area has opted for the path of austerity and economic reform. The aim is to restore the public finances and rebuild competitiveness in the peripheral nations of Europe.
  • Austerity and reform have contributed to deep and continuing recessions in several euro area countries. But, three years in, is the policy working?
  • To answer this question we looked at what has happened to competitiveness, exports and budget deficits across the euro area's so-called peripheral nations of Italy, Spain, Portugal, Greece and Ireland.

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