Spain: Construction and current account deficit
Spain borrowed from elsewhere to over build itself
sound premise :
if full recovery of job markets is the goal :
"the resources liberated by aditional shrinking
of the construction sector
must be employed elsewhere in the economy"
false assumption
" at this stage the economy can grow only if exports grow as well"
this suggests full recovery can not preceed balanced trade
which is only so
if funding
for the implicit immediate and mid term deficit
in any fiscal budget calibrated
to induce a fast recovery to full employment
is unavailible from the ROW
in this case ROW can mean just the ECB
