The volatility of general government tax revenues has increased in Poland in recent years. The correlation between GDP growth and revenue growth appears to be lower in Poland than in many other EU Member States, which suggests that the instability of its revenues has a different. This Country...

National fiscal frameworks can complement the EU budgetary surveillance procedure. Poland has traditionally had a debt rule, but it did not discourage governments from running high deficits. High expenditure (mainly on social benefits) has been identified as one of the main sources of large...

Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the transmission of monetary policy impulses and their impact on...

This paper provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to understanding the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been provided by the ECB in a neutral and smooth manner, but...

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...