This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three angles: the influence of EMU on (i) budget discipline; (ii) intergenerational equity...

The paper argues that international differences in fiscal conditions influence the relative attractiveness of locating production facilities in different countries and could prove to be a troublesome source of instability for the European economies. Even though physical capital movements tend to...

The issue of whether constraints should be placed on fiscal policies when moving to European monetary union is examined in the context of the use of fiscal policy for macroeconomic stabilization purposes. Examples of shocks hitting French and German economies are considered: an appreciation of...

The paper considers whether the implementation of a fixed exchange rate regime requires or implies binding constraints on fiscal policy. The main conclusions are that, from a country perspective, the effective constraint is on the degree of monetary financing, which bears an uncertain...

The urgency of tackling COVID-19 has led governments in many countries to launch a number of short-notice and fast-tracked initiatives (e.g. calls for research proposals). Without proper co-ordination amongst ministries and agencies, they run the risk of duplicating efforts or missing...

The COVID-19 pandemic has wide implications for the socio-economic fabric worldwide. In addition to health fears, citizens are facing a host of financial uncertainties stemming from the temporary closure of businesses, schools, public facilities and quarantines, as well as instability in the...

This brief discusses the existing obstacles in developing international clinical trials that are critical to fight the COVID-19 pandemic. It provides information on relevant adaptations of regulatory requirements for clinical trials, intended to accelerate the processes, and highlights the need...

This policy brief discusses the role of testing for COVID 19 as part of any plan to lift confinement restrictions and prepare for a possible new wave of viral infections. If all confinement restrictions are lifted before a vaccine or effective treatments are developed without other measures to...