CNBC Worldwide Exchange November 30, 2012
Trade balances havele also improv improved. In most cases this improvement has resulted from a combination of a relatively strong export growth particularly in spain and portugal, and very weak or negative import growth notably in greece. The contraction of domestic demand continues to play a role in this adjustment. Part of this is cyclical. But it also reflects rebalance from previously unsustainable domestic demand growth. Demand has to be contained and sbla h supply has to be increased. Supply adjustment takes more time. There are also signs that competitiveness gains have contributed to r...