As economic austerity threatens to sweep Europe, the highly unrealistic expectations about the benefits of government spending cuts are not fully appreciated by the public. It is unlikely that they will result in substantial expansion; to the contrary, potentially they are extremely...

The euro crisis has highlighted a range of problems with the "euro project." These problems and difficulties are related to fundamental weaknesses of the euro and the lack of a financially unified European Monetary Union. This short article attempts to explain the original shortcomings of the...

It's time to scrap the rules that limit budget deficits and let the national governments control their own fiscal policies in the European Union, say the authors.

The authors believe that a serious move toward a political union is probably necessary to save the euro. However, current arrangements are not yet adequate to get us there.