Most of the newly acceded central and east European EU countries are among the main beneficiaries of EU Cohesion Policy. The main objective of this policy is to improve the long-term growth and employment prospects of the supported regions, and thereby to support convergence towards higher...

For the first seven years of this decade, the Baltic countries experienced very rapid GDP growth. In 2007, though, the boom period turned to bust as country-specific factors such as the slowdown in credit growth dampened domestic demand growth. This was followed by the international financial...

This paper presents an analysis of the implications of Greece's intense and long-lasting fi scal and external imbalances for the potential efficacy of a discretionary fiscal policy response to the current recession. It argues that, given recent developments in interest rate spreads and the...