"This paper examines whether multinational banks have a stabilizing or a destabilizing role during times of financial distress. With a focus on Europe, it looks at how these banks' foreign affiliates have been faring during the recent financial crisis. It finds that retail and corporate lending...

"Europe no longer suffers from Eurosclerosis; unemployment, notably long-term unemployment, had decreased substantially for more than a decade. Mobility across labour market states increased in those countries where unemployment has been falling the most. Institutional reforms -- such as...

type="main" xml:lang="en" <title type="main">SUMMARY</title> </section> <title type="main">European migration</title> <p> International migration can significantly increase income per capita in Europe. We estimate that at the given wage and productivity gap between Western and Eastern Europe, migration of 3% of the Eastern population to the West could increase...</p>

Eastern enlargement of the EU is a central pillar in Europe's post-Cold War architecture. Keeping the eastern countries out seriously endangers their economic transition, and economic failure in the east could threaten peace and prosperity in western Europe. The perceived economic costs and...