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The purpose of this study is the examination of the relationship between  fiscal and Current Account balances for the countries of southern eurozone.  The twin deficit hypothesis is tested within the context of a portfolio model  involving variables from the financial sector. Empirical analysis is  conducted with panel data, for the period 1991-2011. Evidence is provided to  support the twin deficit hypothesis. Additionally, it is found that it is not  only the fiscal policy of the southern eurozone countries that affects their  Current Account balances, but also the fiscal policy of the eurozone surplus  countries of the north. Interdependence of euro-zone countries suggests that  fiscal policy can be used for the elimination of external disequilibrium.  Therefore, fiscal policy should be coordinated but not uniformly applied

Financial integration, euro and the twin deficits of southern Eurozone countries