Europeans have a tendency to call the financial crisis a US problem, or a crisis precipitated by the "Anglo-Saxon" model. The data suggest otherwise. Moreover, the corporate sector in Europe has a much lower capacity to finance investment from internal sources of funds, which implies that a...

Regional associations between developing countries have so far often proved to be less than successful. This, Professor Altmann points out, is hardly surprising in view of the lack of homogeneity of socio-political and economic systems among member countries, without which any integration...