Chapter 1 of the report discusses the immediate macroeconomic outlook for the global economy, with a particular focus on the European situation. Chapter 2 focuses on Switzerland, and specifically on the lessons that Europe can learn from the Swiss experience in maintaining cohesion while...

This chapter identifies the factors that led to imbalances in the euro area, which resulted in the current balance-of-payments crisis. The chapter also discusses how rebalancing might be achieved, and how fiscal policy could accelerate this process.

This chapter investigates two of the most widely debated aspects of US fiscal and financial integration: (1) the responsibility of the federation for state-level debts and for the creditworthiness of states; and (2) the working of a federal central bank. Today’s fiscal federalism in the United...

This chapter examines the interactions between the different institutional characteristics of labour markets in Europe, and the impact of the current recession on their unemployment structure and dynamics. Section 3.2 sketches the wide variety of unemployment experiences across countries in...

Authors of the Report on the European Economy 2013

Chapter 2: Switzerland: Relic of the Past, Model for the Future? / Learn from the Swiss approach to diversity management. / Embrace pragmatic compromises as a way of laying firm foundations for common institutions and policies. / Adopt both a common legal and regulatory infrastructure, and a...

Chapter 1 of the report discusses the immediate macro economic outlook for the global economy, with a particular focus on the European situation.

Chapter 2: The European Imbalance: Try a fiscal devaluation / Cut expenditure rather than raising taxes during fiscal consolidation / Reduce the Greek debt overhang brChapter 3: Labour Market Reforms and Youth Unemployment: Two-tier labour markets should be eliminated / Make dismissal costs for...

Chapter 2 focuses on Switzerland, and specifically on the lessons that Europe can learn from the Swiss experience in maintaining cohesion while supporting diversity, and in reaching pragmatic compromises in the creation of common institutions and policies.

Chapter 3 analyses the much debated issue of austerity and highlights that fiscal discipline is not only needed to ensure the long-term sustainability of public debt, but also for external rebalancing, which is vital to the long-term sustainability of the euro. Finally,