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Investment has been held back in the euro area by three things: weak demand dynamics, the still-high private debt overhang and fragile private sector confidence. This view is based on the influential work by Krusell and. For members of monetary union resilience is crucial to avoid that shocks lead to consistently higher unemployment, and over time, permanent economic divergence.

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But political sovereignty and the market do not perfectly overlap so the question in Europe is which institutions are most appropriate to uphold as much freedom of the market as possible for different members. Mario Draghi, die erkende dat "ondanks al haar schokbestendigheid onze unie nog lang niet is voltooid", zei dat de leden uiteindelijk "binnen de unie beter af [moeten] zijn dan erbuiten". May

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Our main finding is that contractionary monetary policy shocks increase income inequality, on average. Macroeconomics Annual pp. Journal o f Money, Credit and. Anna Samarina.

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