"Hoekman and Javorcik focus on policies facilitating firm adjustment to globalization. They briefly review the effects of trade and investment liberalization on firms, focusing on within-industry effects. They postulate that governments' role in supporting the process is to (1) ensure that firms...

1. Opening remarks -- 2. Fiscal policies and sustainability of public finances in the European Union -- 3. Fiscal policy challenges, sustainability of public finances and EU accession : the case of Turkey -- 4. Monetary policy in the Euro area : lessons from five years of the ECB and then...

Political debates over the fiscal framework of the European Monetary Union have focused on two issues, dealing with asymmetric shocks and maintaining a high degree of fiscal discipline. After reviewing the development of the EMU fiscal framework, we argue that transfers dealing with asymmetric...