Upon entry into the European Union, countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request...

Der Artikel definiert zunächst verschiedene Begriffe der Konvertibilität, insbesondere hinsichtlich der Zahlungs- und Kapitalbilanz und der internen Konvertibilität. In Kapitel 2 wird dargelegt wie die Konvertibilität der Zahlungs- und Kapitalbilanz die Produktion und die...

Albania is preparing a Medium-Term Revenue Strategy (MTRS) to finance its development spending of an estimated 2.2-3.0 percent of GDP over five years. Revenue mobilization will be supported by comprehensive tax policy and administration reforms. International and regional comparisons suggest...

Following a deep recession in 2020 and further contraction in 2021Q1, the euro area economy recovered rapidly in the second and third quarters thanks to high vaccination levels, increasing household and business adaptability to the virus, and continued forceful policy support. Looking ahead,...