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This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its...
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need for social policies at the EU level. Social harmonisation would distort migration flows and slow down the speed of …
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The paper deals with the effects of migration resulting from EU Eastern enlargement on the welfare states of Western … is a rational reaction of the state. The proposed new EU constitution which contains far-reaching rules for a European …
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Evaluation of the financial costs of a Eurozone breakup depends critically on the interpretation of TARGET balances. While it has been argued that TARGET claims in the Eurozone can be written off without incurring any losses on the claimants as the value of fiat money is independent of the...
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