The waves of the worst global financial and economic crisis since World War II have seriously affected the economy of the Euro Area. The first wave of the global crisis determined the worst recession in decades for the member states of the region. At present, the Monetary Union is confronted...

The 2007-2009 period has been characterised by an oil shock followed by a financial crisis. Higher oil prices and the prospect of higher borrowing costs are likely to reduce the productive potential of OECD economies. The present study provides illustrative numerical estimates of the impact...