High energy prices and supply bottlenecks have led to strong inflation differentials between euro area countries. The #EconomicBulletin analyses how this has affected price competitiveness and external imbalances in the euro area https://www.ecb.europa.eu/pub/economic-bulletin/focus/2023/html/ecb.ebbox202304_08~350974a969.en.html https://t.co/3vuTfl28RY