In 2005 the current account deficit attained 7½% of GDP, its worst position of the last 25 years, and in 2006 it might reach 8½%. Traditionally, Spain’s trade deficit has been partially offset by surpluses in other external balances, particularly service trade, as a result of large net...

The document describes the evolution of intra-EU current account asymmetries. Some experimental results obtained using a modelling approach to derive asymmetry-free European aggregates are presented. The results are not usable at the national (Member State) level and they will not eliminate...

By placing store-level price data into bivariate Structural VAR models of inflation and relative price asymmetry, this study evaluates the quantitative importance of idiosyncratic pricing shocks in short-run aggregate price change dynamics. Robustly to alternative definitions of the relative...

Although the Visegrád Four countries often defended the same or similar positions in the European Convention, their views differed on many important issues. This situation is likely to be repeated at the upcoming Intergovernmental Conference. This basically confirms the tendency that can be...