Global current account imbalances widened before the 2007/2008 crisis and have narrowed since. While the post-crisis adjustment of European current account deficits was in line with global developments (though more forceful), European current account surpluses defied global trends and increased....

Standard simple-sum monetary aggregates, like M3, sum up monetary assets that are imperfect substitutes and provide different transaction and investment services. Divisia monetary aggregates, originated from Barnett (1980), are derived from economic aggregation and index number theory and aim to...

Whenever the European Union's budget is discussed, much of the political focus is on net balances - whether countries pay in more than they receive - rather than on the broader overall positive effects of EU spending. Thelargest net contributor countries have sought to limit their...