The discussion about low interest rates and appropriate debt rules gained renewed impetus after Olivier Blanchard’s 2019 presidential address to the American Economic Association. Interest rates are persistently below growth rates in most advanced economies, including euro area sovereigns....

Vigorous debate over the effectiveness of the fiscal adjustment programmes for the crisis-stricken countries in the eurozone has grown quite polarised. In this Forum, several experts use analytical, evidence-based approaches to gauge the effectiveness of these programmes. The role played by the...

Mounting external indebtedness has become a major problem for many developing countries. This may be not least a result of the fact that economists and policy-makers have tended to emphasize the benefits to the recipient countries of external borrowing to the neglect of its costs.