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Currency Parity and Competitiveness: The Case of Greece
Abstract
The international competitiveness of a country is the ability of its domestic production to participate commercially in foreign markets. There are many elements that influence in the long run this competitive ability, some of macroeconomic nature as low inflation and real exchange rate, others of microeconomic character such as the productivity of its offer and its labor and wage level in relation to their Business partners. The problems that monetary parity has on the competitiveness of a country's productive plant seemed to be overcome in Europe with the establishment of the euro as the common currency in many of its countries, the so called Eurozone. The first years seemed to confirm this. However, the global crisis in 2008, as a prelude to that the Eurozone would live in 2011, put on the table for discussion the weak economic theory of currency areas in which it was based and, therefore, the irresponsibility with which it was established.
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