task has become particularly challenging in European advanced economies where expectations of low growth and limits to monetary policy support are shifting the burden of adjustment onto fiscal consolidation. The SDN will investigate the main drivers behind successful past debt reversals,...

Soon, euro area membership could more than double, with the vast majority of accession countries being quite different in economic terms compared with current members. Under the current decision-making system, this can lead to high decisionmaking costs and there is a risk that monetary policy...