Debt-to-GDP ratios have grown to unprecedented levels in many industrialized economies. This requires disciplined consolidation efforts which are, however, supposed to come now at the wrong time with the economic recovery being fragile. The countries forming the G20 need to make sure the...

The European summit in Dublin has shown that any further European integration will be determined in great measure by agreement on the financing of future Community budgets and by the EC’s expenditure policy. This article shows how the political controversy about the Community’s budget...