But after the launch of EMU, this policy option was no longer available, of course. The hope was that these countries would adapt to this new reality and unit labour costs growth would slow down. But is this what happened?
Of course, at a global level, that process is now in reverse. For my purposes today, it is important to be more specific. There are several senses in which the word is used. Transactional liquidity is the ability to buy and sell assets without significantly affecting the price.