Europe's troubles aren't simply connected to the current debt crisis [...] Obviously, that is the most pressing issue [...] But that's not the only problem the currency area faces, as a new San Francisco Fed note makes clear:
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| Sovereign debt and budget deficits (December 2010) |
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| Trade and current account balances (December 2010) |
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| Labor costs and productivity (December 2010)nda |
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| Real effective exchange rates |
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