This chapter discusses the story of European integration in what is known as the European Union. The decision in 1951 by six European nations to pool coal and steel production under a common authority-the European Coal and Steel Community-marked the beginning of European integration. French...

This paper reports about current mainstream growth projections for the United States and the European Union over the medium term represent a marked slowdown from growth rates in the decades prior to the global financial crisis. Slower growth in Europe and the United States has mixed implications...

The Two Faces of Financial Globalization looks at the phenomenon of rising cross-border financial flows-credited with boosting growth in developing countries but also blamed for the emerging market crises of the late 1980s and 1990s. The lead article puts together a framework for analyzing...

Recovery from the deepest recession in 60 years has started. But sustaining it will require delicate rebalancing acts, both within and across countries. IMF chief economist Olivier Blanchard writes in our lead article that the turnaround will not be simple. The crisis has left deep scars that...

This paper reviews the resurgence of Latin America. The paper highlights that much of the region has witnessed a swift and robust recovery from the successive financial crises of 2001–02. Within two years, the region’s economic growth reached 5.6 percent in 2004, a 24-year high. Growth rates...

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