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Most of the literature on the independence of the Central Bank assumes only one policy instrument is available: monetary policy. If we introduce fiscal policy as well, when preferences may differ among policy-makers, the situation is radically different. In this case fiscal policy will weaken...
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Using the recent EC Commission report `One Market, One Money' as a point of reference, we consider the merits of a single currency in Europe. The main benefit is the reduction in transaction costs, which the report estimates at 0.4% of European Community (EC) GDP (but much less in countries with...
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Do High-Skilled Third-Country (i.e. Non-EU) Migrants Contribute to Productivity Growth? In order to foster innovation … 13 old EU Member States and examines the role of high-skilled third-country (HS-TC) migrants for innovation – as captured …-TC migrants are relatively less productive than HS EU migrants. Results for selected individual industries are more mixed, with …
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limited sanctions response, particularly from the EU, while a full invasion would entail major sanctions from the West as a … the EU -is unlikely given the sizeable negative impact it would have on both sides. Aside from energy, the most painful … accelerate EU moves towards energy diversification away from Russia. However, the economic impact of this on Russia will be …
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Migration from Africa and the Middle East to the EU has intensified over the last two decades. Relative differences … between developed EU and less developed African and Middle East countries have not declined that much and continue to drive … mobility. Also, demographic trends show a strong contrast between the population of the EU (ageing and shrinking rapidly) and …
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