BIS Review 27/2005  5  6  BIS Review 27/2005  BIS Review 27/2005  7  Moreover, the effect of higher productivity growth on the trade balance could have been even larger than the simulation indicates because it likely worked through several channels that the model does not incorporate.
An illustrative analysis of multi-year fiscal consolidation programmes conducted by our experts which we have published in the July edition of our Monthly Bulletin suggests that the long-term economic  1  2  3  H. Badinger, 2007, Has the EU’s Single Market Programme Fostered Competition?