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Banking fragility rooted in justice failures Evidence from Ukraine
Policy Contribution

Emerging Markets’ Euro Nemesis

09 September 2013

Emerging Markets’ Euro Nemesis

In this new commentary, CEPS Director Daniel Gros argues that the weakening of European demand triggered by austerity is the real cause behind the recent deterioration of emerging markets’ current accounts. As a consequence, unless the US resumes its role as consumer of last resort, the latest bout of financial-market jitters will weaken the global economy again.


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Emerging Markets’ Euro Nemesis