The economies of Central and Eastern Europe have inherited serious burdens of environmental pollution, while their economic scope for dealing with these is limited. The transition to the market economy offers chances for improvement, but it also brings new environmental problems. How will the...

The economic reforms taking place in Eastern Europe have in many respects an unfavourable influence on environmental protection. The adjustment of Eastern Europe to the environmental requirements of the European Union necessitates far-reaching changes in the very philosophy of transition,...

Climate change has profound effects not only for societies and economies, but also for central banks’ ability to deliver price stability in the future. This paper starts by documenting why climate change matters for monetary policy: it impacts the economic variables relevant to setting the...

This paper analyses the implications of climate change for the conduct of monetary policy in the euro area. It first investigates macroeconomic and financial risks stemming from climate change and from policies aimed at climate mitigation and adaptation, as well as the regulatory and fiscal...

Recent price developments in the euro area demonstrate that deflation is a serious issue of concern. Some euro area countries are already facing a deflation in the usual macroeconomic sense of a 'general price decline'. This article discusses the economic consequences of deflation and suggests...

The extraordinary measures taken by the ECB to combat the financial crisis have led many observers to question whether the bank has put its independence at risk. The bank’s vow to do “whatever it takes” to save the euro has added a second (and potentially contradictory) goal alongside its...

The countdown to the realisation of the Single European Market at the end of 1992 is taking place parallel to drastic political and economic changes in Eastern Europe Both of these processes will affect relations between the EC and the CMEA countries The following article analyses the possible...