This paper looks at the macroeconomic policy response to the Covid-19 crisis in the European Union (EU) and the prospects for long-term recovery under the Next Generation EU (NGEU) plan. It argues that, un­like what happened following the sovereign debt crisis of 2011-2012, the EU’s strong...

This document analyzes the patterns of fiscal and monetary policy in five economies of the Latin American Southern Cone (Argentina, Brazil, Chile, Paraguay and Uruguay) during four episodes of international crises: 1994, 1997-1999, 2001 and 2008. In contrast with earlier episodes when most...

This paper discusses why Greece has done so poorly in comparison with all other European Union countries since the onslaught of the global financial crisis in 2008. To show what was wrong with its fiscal adjustment, this paper compares Greece with the other European Union country that was hit be...