There is evidence that a budget consolidation strategy can work with only a small and shortlived negative impact on growth. However, many countries are currently trying to consolidate at the same time as firms and consumers are deleveraging. We develop ten guidelines for consolidation during...

The financial crisis has affected the real economy in stages yet nevertheless at an unexpected rate and with all regions being affected simultaneously. It advanced almost independently of the regions' exposure to the actual initial causes, among them the subprime crisis, innovative financial...

Political developments in Central and Eastern Europe and the process of German unification present the EC with a major challenge. How has the EC reacted to these changes so far? What contribution can the EC make to overcoming the division of Europe?

The first step towards reform of the EC was taken when the Single European Act came into force in July of this year. What concrete decisions must the member states now take? What are their chances of being implemented?

After ratification by member countries, the "Luxembourg reform package" worked out by the European Council at the end of 1985 is to provide the basis for the development of the European Community into the nineties. What are the challenges facing the EC? What opportunities do the Luxembourg...