be hard to resist the eventual extension of existing EU mechanisms of income redistribution--a transfer union. We propose … an alternative strategy based on a relaxed stability pact, further strictures against central EU borrowing, labor market …

coefficients show that immigration policies balancing the number of high-skilled and low-skilled immigrants from outside the EU …

income shock in the EU, compared to 32 per cent in the US. In the case of an unemployment shock 47 percent of the shock are … absorbed in the EU, compared to 34 per cent in the US. This cushioning of disposable income leads to a demand stabilization of … up to 30 per cent in the EU and up to 20 per cent in the US. There is large heterogeneity within the EU. Automatic …