This paper examines the likely direction of real interest rates in the Euro area and the United States from April 2009 on. It is argued that the crisis that began in 2007 and the ensuing recession changed the descending trend in real interest rates which started a long time ago. If real interest...

The paper offers a brief discussion about the role of transport infrastructure in the current growth strategy followed by the EU. As a corridor is the locus where transport infrastructure and growth should interact more effectively, the central part of Corridor V is considered as an interesting...

In this paper I discuss various notions and aspects of integration and macroeconomic convergence, namely economic and monetary integration; real and nominal convergence. The EU has offered a great deal of information about the relation between all these types of integration and macroeconomic...

Although euro area-wide inflation was from 1999 to 2005 almost right, i.e. “close to balance, but below 2%”, and although it combined with real growth as predicted by the long-run money demand equation in the euro area, the picture that emerges at country level is more scattered. Inside a...

We investigate in this paper the skirmishes that the US dollar and the euro had from 2007 to 2011 and, in particular, the two distinct sharp falls that the single currency had in 2008 and 2010. We basically consider how impulses coming from domestic money markets impact on the USD/EUR exchange...

We investigate in this paper differences in productive efficiency across sixteen European countries. In order to assess differences in productive efficiency, we have built a dynamic input-output model and computed for each country the balanced growth rate and the balanced output composition....