Epstein Secrets

take the rest of the decade to play out fully. The Scandinavian economies similarly transformed themselves into net creditor nations in the 1990s. Denmark experienced a current account reversal in 1987 and has run large surpluses since. Denmark was considerably more indebted than the Eurozone by the t

ral rise in saving preferences post-crisis, we argue that Europeans now have to become net creditors to the rest of the world. • We find that the Eurozone's NIIP needs to rise from -10% of GDP to at least 30% for Europe's current account surplus to become sustainable. We estimate that this adjustment

y, not only does this include euro users such as Austria, Finland, the Netherlands and Belgium, it also includes others such as the Czech Republic, Denmark, Sweden and the Baltic states. Together, these countries form a linked bloc, with all countries moving closely in phase with Germany. 154 EFTA0062

tem in 1992, or the collapse of Japan into deflation in the early 1990's. At the time of writing it is clear that the central banks of the USA, the Eurozone, Japan, the UK, Switzerland, Sweden and others are all following their own significantly different policies, based primarily on experience and intu

rmore, liability sovereigns explained that if the eurozone were to disband, Germany's role as the financial

u. For the distribution of this document, Continental Europe is defined as Austria, Belgium, France, Finaland, Greece, Luxembourg, Norway, Portugal, Denmark, Germany, Italy, the Netherlands, Spain, Sweden and Switzerland. This document is for information purposes only and is not an offering. It is not in