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	<title>European Monetary Union &#8211; RFR</title>
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	<description>GLOBAL MACRO AND THEMATIC INDEPENDENT RESEARCH</description>
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		<title>The euro’s exchange rate is the ECB’s main concern, and so forging ahead on its chosen path is understandable</title>
		<link>https://richesflores.com/2017/10/30/the-euros-exchange-rate-is-the-ecbs-main-concern-and-so-forging-ahead-on-its-chosen-path-is-understandable-bce-draghi-euro/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Mon, 30 Oct 2017 09:19:11 +0000</pubDate>
				<category><![CDATA[Euro zone]]></category>
		<category><![CDATA[European Monetary Union]]></category>
		<category><![CDATA[Monetary Policy]]></category>
		<category><![CDATA[WEEKLY]]></category>
		<category><![CDATA[BCE]]></category>
		<category><![CDATA[Draghi]]></category>
		<category><![CDATA[EURO]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=8941</guid>

					<description><![CDATA[When, in September, Mario Draghi mentioned the euro exchange rate as one...]]></description>
		
		
		
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		<title>Ground Zero</title>
		<link>https://richesflores.com/2014/06/11/ground-zero-3/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Wed, 11 Jun 2014 10:57:34 +0000</pubDate>
				<category><![CDATA[European Monetary Union]]></category>
		<category><![CDATA[GLOBAL MACRO]]></category>
		<category><![CDATA[WEEKLY]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=3998</guid>

					<description><![CDATA[Will the raft of measures announced by the ECB be enough to restore growth in the euro area? The answer will depend on the following three factors:

- The effective size of the package,

- The ability of demand for credit to be stimulated,

- The return of a more favorable international economic context, which provides an outlet for improved competitiveness that has been at the origin of deflationary risk.

The markets have been circumspect with regard to these measures because none of these factors are guaranteed to materialize at this point.]]></description>
		
		
		
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		<title>Spain: Spiraling Downward in Greek Fashion?</title>
		<link>https://richesflores.com/2012/07/15/spain-spiraling-downward-in-greek-fashion/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Sun, 15 Jul 2012 13:35:45 +0000</pubDate>
				<category><![CDATA[European Monetary Union]]></category>
		<category><![CDATA[GLOBAL MACRO]]></category>
		<category><![CDATA[Sovereign Debt Crisis]]></category>
		<category><![CDATA[Spain]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=1840</guid>

					<description><![CDATA[The current approach to managing the sovereign debt crisis is so absurd that it will wind up destroying the European Monetary Union—perhaps even faster than anyone dares to imagine today. With the economy in free-fall since mid-spring, pressing ahead with fiscal adjustment programs means exposing Europe’s crisis-ridden countries to major risks.]]></description>
		
		
		
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		<title>From High Hopes to Despair: The Missing Metric in the European Monetary Union</title>
		<link>https://richesflores.com/2012/07/14/from-high-hopes-to-despair-the-missing-metric-in-the-european-monetary-union/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Sat, 14 Jul 2012 13:53:36 +0000</pubDate>
				<category><![CDATA[European Monetary Union]]></category>
		<category><![CDATA[THEMATIC]]></category>
		<category><![CDATA[Spain]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=1851</guid>

					<description><![CDATA[It all started out with high hopes. The idea was to build a united Europe that would enhance well-being all around. A sharing Europe that gave the continent’s least developed countries an opportunity for fast-track convergence with the wealthiest countries. And lastly, a peaceful Europe—because the combined economic strength and weight of its members would ensure lasting cohesion.

In the first several years, those hopes appeared to be more than well-founded. When Spain joined the EU in the mid-1980’s, the country’s living standards lagged 25 percent behind the French-German average. Within less than fifteen years, the ensuing boom had lifted Spanish per capita income by 50 percent, making up for nearly half of the initial differential. Over that time span, massive foreign investment drove industrial expansion and exports quadrupled in volume, with 75 percent going to other EU Member States. The labor force also increased from 11 million to 15 million, while year after year, EU structural transfers, of which Spain has long been the leading recipient, helped the country gradually build up infrastructure to the level required to secure long-term growth.]]></description>
		
		
		
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		<title>The Euro Area at the Crossroads</title>
		<link>https://richesflores.com/2012/06/22/the-euro-area-at-the-crossroads/</link>
		
		<dc:creator><![CDATA[Véronique Riches-Flores]]></dc:creator>
		<pubDate>Fri, 22 Jun 2012 10:27:30 +0000</pubDate>
				<category><![CDATA[European Monetary Union]]></category>
		<category><![CDATA[GLOBAL MACRO]]></category>
		<guid isPermaLink="false">https://richesflores.com/?p=889</guid>

					<description><![CDATA[The outcome of the pro-cyclical policies imposed on the distressed countries in the Monetary Union was a foregone conclusion. Greece is bankrupt, Spain is teetering on the brink, the eurozone is going under, and the rest of the world is getting dragged down with it. The risk of another global recession is high, and a breakup of the common currency area has never seemed as likely. ]]></description>
		
		
		
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