This paper aims to identify different growth patterns in the EU which led to the emergence of macroeconomic imbalances. It
provides a detailed statistical picture of the evolution of various macroeconomic variables on the demand as well as on the
supply side, before, in and after the financial and economic crisis of 2008-09. It investigates the causes and discusses various
"channels" which led to macroeconomic imbalances by means of a descriptive analysis of the key determinants of macroeconomic
developments, such as wage and price developments, productivity growth, etc. Special emphasis is given to developments of
the share of labour in national income, the real interest rate and the real exchange rate. The analysis of this data set provides
a comprehensive picture of the underlying causes for the specific growth patterns as well as a first assessment of their role
in the development of macroeconomic imbalances within the EU. It derives tentative conclusions as to how macroeconomic imbalances
can arise in a monetary union and how they can be addressed properly by economic policy.
Forschungsbereich:Makroökonomie und öffentliche Finanzen