It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments. We formalise this notion by incorporating labour market rigidities into an “escape clause” model of currency crises. We show that the absence of structural...

The notable increase in international reserve holdings over the past decade and their use during the global financial crisis of 2008/2009 has sparked renewed interest in the analysis of the optimal level of reserve holdings, in particular in countries which are subject to sudden stops. Less...

The purpose of the evaluation is to provide a comprehensive and independent assessment of the European Union (EU)’s past and present cooperation in Ivory Coast, in order to draw key lessons and make recommendations for the future, including within the context of joint programming between the...

This Regional Strategy Paper (RSP), the second for Mercosur, provides a strategic framework for EC cooperation with Mercosur for the period 2007-2013. The RSP has been prepared following a consultation process involving Mercosur member states and civil society actors. EC-Mercosur relations are...

This report presents the external evaluation of the European Union's (EU) strategy of cooperation with the West Africa region and of its implementation over the period 2008-2016. Its main objectives are: i) to provide both the EU institutions and a broader audience with an independent and global...

This evaluation assesses the Commission of the European Union’s (EC) cooperation with Ecuador over the period 2003-2010. It aims at providing an overall independent assessment of the entire EC cooperation strategy and support in the country and to draw out key lessons to help improve current...

This report presents the results of the evaluation of the cooperation strategies adopted by the European Commission (EC) with the Republic of the Congo (RC)over the period 2000-2009. The main aims of the evaluation are to provide the services of the EC and a broader public with an independent...

This evaluation covers the strategies of the European Union (EU) for co-operation with the Overseas Countries and Territories (OCTs) and their implementation 1999–2009, including the intended effects under the current programming cycle 2008-2013, in relation to the territorial Single...

This report presents the results of the evaluation of the European Union’s cooperation strategy in Burkina Faso between 1999 and 2008. The main objectives of the evaluation are to provide the EU departments concerned and the general public with a global and independent appraisal of past and...

This report covers the evaluation of the cooperation strategy of the EC with the Federal Republic of Nigeria and its implementation in relation to the Country Strategies and National Indicative Programmes of the 7th and 9th European Development Funds(EDF) as well as to contributions from...