This paper investigates the past effectiveness of the Maastricht Treaty (MT) and Stability and Growth Pact (SGP) in disciplining fiscal policy in the Euro zone. We estimate fiscal reaction functions for a panel of 11 members of the Euro zone including the more recent period of the reformed SGP,...

The paper uses survey data to analyze whether the Stability and Growth Pact (SGP) has changed financial market’s expectations on government budget deficits in France, Germany, Italy, and the UK. Our findings indicate that accuracy of financial experts’ deficit forecasts has increased in...

After a long period of domination by the industrialised countries of the North, international trade is today driven by the dynamism of developing countries. This work seeks to analyse how the EU is performing in the light of this emerging competitive threat, by comparing the EU’s export...

This paper uses the 1980, 1990, 2000 and 2006 U.S. micro censuses data to document the magnitude and nature of European human capital outflow to the United States. I found that while emigration is about a small number of individuals, the share of Europeans who are leaving is increasing as one...