Faced with the impossibility of reaching a political agreement to review the fiscal treaties, the Commission could limit itself to applying the current rules with flexibility, which would maintain an ambiguous situation: much ado about nothing.

Since the launch of the euro, persistent and even rising disparities among member states have made it difficult to implement short-term or structural common economic policies. The article gives an overview of Euro area disparities in terms of growth and inflation and imbalances, mainly...

In early 2013, the French economy, like many other EU economies, faces tough challenges. French GDP is 9 per cent below the level it would have reached had it continued to grow at its pre-crisis trend. France has committed to cut the public deficit to 3 per cent in 2013 and 0 per cent in 2017...

The fiscal governance of the EMU is in dire need of reform. Its current arrangements suff er from several shortcomings, most notably, the limitations they impose on national fiscal policies, steering them towards too restrictive or pro-cyclical stances; the absence of an unconditional lender of...