The economic and financial crisis is affecting the fiscal accounts of virtually every country. Public sector support for the financial system, fiscal stimulus and the automatic stabilizers, as well as the revenue decline from the downturn in commodity and asset prices, are leading to sharp...

This paper discusses various developments and perspectives of the European Monetary System (EMS). There have been three phases in the development of the EMS: from its beginning in March 1979 to March 1983, can be seen as a phase of trial and orientation; from March 1983 to 1987, can be described...

This paper provides an overview of the likely impact of the creation of the European Community (EC) internal market on the European Free Trade Association (EFTA) members. The focus is on the four freedoms and the institutional and legal changes required for increased economic cooperation between...

This paper provides a survey of some issues concerning the evolution of the European Monetary System (EMS) in the context of increasingly integrated financial markets. It reviews the objectives of the EMS, its institutional structure, its perceived impact on key macroeconomic variables, and some...

This chapter discusses principles and consequences of the common agricultural policy (CAP) of the European Community (EC). It shows that agricultural pricing policies aimed at supporting farm incomes were already in place in EC member countries before the inception of the CAP; indeed, in the...