The paper summarises the channels and mechanisms which lead to the emergence of macroeconomic imbalances in the EMU before, in and after the crisis of 2008/09. It focuses on the role of the specific institutional setting of the EMU in these developments and outlines the key reforms which are...

Most economic models struggle to incorporate biophysical relationships between materials, energy and emissions, in order to appropriately deal with biophysical constraints of supply (and possibly also demand). After the incorporation of biophysical constraints, some functions produced surprising...