At the outset of the creation of the euro in 1999, it was expected that the southern eurozone economies would behave like those in the north; the Italians would behave like Germans. They didn't. Instead, northern Europe fell into subsidizing southern Europe's excess consumption, that is, its current account deficits.

Alan Greenspan

Alan Greenspan

Account Behave Consumption Creation Current Deficits Economies Euro Europe Excess Expected Fell Germans Instead Italians Like North Northern Outset Southern Those Would

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