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 European Network of Economic Policy Research Institutes (ENEPRI) brings together twenty-four leading national economic policy research institutes from most of the EU-27 countries. The goals of the network are to foster the international diffusion of existing research, co-ordinate research...

With a critical juncture already fast approaching,the Greek Presidency of the EU represents an opportunity that Europe cannot afford to miss, a chance to influence the direction of change and build a Europe that feels more tangible and familiar to its citizens. At the elections next May,the...

The European Economic and Social Committee is staking its claim to be a committed partner for the Italian presidency of the European Union, thus giving a voice to civil society organisations throughout the next six-month period. It has been asked by the presidency to carry out a mid-term...

At a time when the European Parliament has just started a new term and the European Commission has a new team in place, the European Economic and Social Committee is continuing to move forwards as a committed partner of the Latvian Presidency. As the representative of European civil society, our...