Without corrective measures, Greek public debt will exceed 190 percent of GDP, instead of peaking at the anyway too-high target ratio of 167 percent of GDP of the March 2012 financial assistance programme. The rise is largely due to a negative feedback loop between high public debt and the...

Many factors have contributed to the euro crisis. Some have been addressed by policymakers, even if belatedly, and European Union member states have been willing to improve the functioning of the euro area by agreeing to relinquish national sovereignty in some important areas. However, the most...

The SME access-to-finance problem is not universal in the European Union and there are reasons for the fall in credit aggregates and higher SME lending rates in southern Europe. Possible market failures, high unemployment and externalities justify making greater and easier access to finance for...

Even though the roots of the global financial crisis lay in risky financial structures in the United States and weaknesses in financial regulation, the crisis became global mainly because of significant financial and trade linkages between the US and other countries. Most countries, including...

As a background document for the Policy Contribution â??Compositional effects on productivity, labour cost and export adjustmentâ??, this working paper presents detailed results for 24 EU countries on: â?¢ The sectoral changes in the economy;â?¢ The unit labour costs (ULC) based real...

Click here for the most recently updated database The real effective exchange rate (REER), which measures the development of the real value of a countryâ??s currency against the basket of the trading partners of the country, is a frequently used variable in both theoretical and applied economic...

We study the transmission of monetary policy to macroeconomic variables with structural time-varying coefficient vector autoregressions in the Czech Republic, Hungary and Poland, in comparison with that in the euro area. These three countries have experienced changes in monetary policy regimes...

See comment 'Despite lower yields, euro-periphery is not yet out of the woods' This working paper details and updates the debt sustainability analysis of Darvas, Sapir and Wolff (2014) for Greece, Ireland and Portugal. The goal is not the calculation of a baseline scenario which best corresponds...

This Policy contribution was published in 'The Aftermath of the Global Crisis in the European Union' in May 2013. Many factors have contributed to the euro crisis. Some have been addressed by policymakers, even if belatedly, and European Union member states have been willing to improve the...