This chapter presents evidence on the brain drain from European countries towards the US, identifying possible causes and costs for the economy, and looks at factors and policies that could reduce the net outflows of skilled people from Europe.

This chapter analyses the role of fiscal policy as a tool of macroeconomic stabilisation and proposes changes in the EU fiscal rules with the aim of making them more flexible while at the same time maintaining fiscal discipline.

This chapter reconsiders and assesses subsidiarity as one of the general principles to guide the political and institutional development of the European Union, and proposes a framework to assess the consistency of alternative plans.

Authors of the Report on the European Economy 2003

This chapter presents forecasts of growth and inflation in the European economy for the year 2003 and assesses the current macroeconomic conditions for the whole area and for some individual countries.

This chapter analyses the current financial architecture of the euro area, questioning whether the current institutional arrangements are adequate to reduce the risk of financial crises, and deal with them if they occur.