Diverging fiscal policy paths, housing booms and diverging unit labour costs were driving forces of rising intra-European current account imbalances, which were underpinned by low interest rates. Since the outbreak of the crisis, the adjustment of intra-EMU current account imbalances has been...

When the Bretton Woods system collapsed in December 1971 the expectation was that a reformed monetary system could be introduced within a year or two. The following article discusses the question why, contrary to this general expectation, the international instability in payments still exists...

Escalating healthcare expenditures and the need to ensure access to affordable medicine in both emerging and emerged economies are fuelling calls to contain the so-called evergreening practices of drug producers around the world. But such practices are the necessary outcome of a system that...

The General Agreement on Trade in Services (GATS) is far broader in policy coverage than conventional trade agreements for goods. At the same time, governments are offered more flexibility to tailor their obligations to sector- or country-specific needs. As a result, commitments vary widely...