The paper argues that the collapse of the European Council Summit in Brussels on 13 December 2003 and the failure to agree the new constitutional treaty throws the Union into a major and unprecedented crisis. Attempts by many EU politicians to talk the severity of the crisis down will not help...

Us external adjustment: progress, prognosis, and interpretation / William R. Cline -- A sectoral assessment of the US current account deficit: performance and prospects / Allen J. Lenz -- Comments / Peter Hooper, Robert Z. Lawrence -- Reply / Cline -- Surprises and lessons from Japanese external...