The single market is often perceived as the panacea for Europe's economic troubles. It is believed that completing the … single market would boost welfare, stimulate growth and increase European competitiveness. However, identifying and … quantifying the channels through which market integration is expected to engender growth is methodologically complex. Although the …

result from the working of the single market, which like international trade is also an exclusive competence of the EU. …

suggests that cross-border capital market integration can be an important complement to fiscal risk sharing; and the departure … from the EU of the United Kingdom - home to the EU’s main capital market centre - makes the project even more relevant …

, the EU is partly protected by the size of its internal market. In addition, the short-term effects would be even greater …

Italy. After Maastricht, both countries made major fiscal efforts in order to qualify for membership of the euro. When the … euro was launched in 1999, public debt had been brought down substantially in the two countries, to roughly 110 percent of … in the two countries in the run-up to the introduction of the euro, during the early years of the euro and since the …