Macroeconomic imbalances in the eurozone have decreased significantly since the beginning of the financial and economic crisis. In Portugal, the economic adjustment process is strongly being driven by growth in export activity. The recent improvement in price competitiveness has supported the...

After an initial take-off during the first eight years following unification, the Eastern German economy started to stall and regress to its old growth path of the 1950s and 1960s. The initial quick convergence only compensated for the dismal stagnation that the expropriation and concentration...

Austerity measures alone will not suffice to generate the growth needed for recovery in Greece, Portugal, Spain and Italy. A European Recovery Programme is necessary to stimulate growth through structural reforms and fiscal stimulus. This contribution describes policy areas where non-fiscal...