This paper describes the key economic variables and mechanisms that will determine the adjustment process in those euro area countries now under financial market pressure. (Greece, Ireland, Portugal, Spain and Italy = GIPSY). The key finding is that the adjustment will be particularly difficult...

Labour markets have reacted very differently to the COVID-19 crisis. In the US, the impact on unemployment rates was rapid across all states. They increased sharply in March and April 2020 and recovered steadily thereafter. In Europe, by contrast, unemployment increased far less, and the...

In recent decades the EU has widened and deepened to such an extent that it now deals in almost all areas of policy-making. Its budget, however, has barely changed over this period. It thus needs to be radically reformed if it is to reflect the priorities of an expanding and deepening Union....