Interim Romanian government sworn in any room for manoeuvring? (by Gábor Hunya; pp. 1-4) Keywords Elections, Fiscal policy Countries covered Romania Topics Macroeconomic Analysis and Policy Croatia's EU membership lessons from earlier accessions (by Hermine Vidovic; pp. 5 7) Keywords Integration,...

Slovakia after the elections (by Doris Hanzl-Weiss; pp. 1-3) Keywords Elections, Fiscal policy Countries covered Slovakia Topics Macroeconomic Analysis and Policy Labour market issues in Europe’s Eastern and Western Balkan neighbours (by Hermine Vidovic; pp. 4-9) Keywords Labour market,...

Converging/diverging European regions (by R. Römisch, pp. 1-4) Keywords Regions, EU, Convergence Countries covered European Union, New EU Member States Topics Regional Development The new EU members' potential for trade in services (by J. Wörz, pp. 8-12) Keywords Trade, Services Countries...

Serbia after Djindjic (by Vladimir Gligorov) Countries covered Serbia EU enlargement assessing the impact of transfers (by Sándor Richter) EU membership and income level convergence the experience of the Cohesion Countries (by Kazimierz Laski and Roman Römisch) Selected monthly data on the...

This paper demonstrates through a formal model how the wealth effect created by a stock market boom leads to the expansion of demand and output mostly through debt-financed private consumption. However, inherent in this expansion is the threat of a subsequent contraction caused by the rising...

Growth of aggregate demand at any given private saving rate depends on growth of private investment, export surplus and budget deficit. Slower growth of private investment in the mid-1970s has triggered stagnation trends in Europe's developed economies, caused mainly by inadequate aggregate...

The anaemic growth of the European Union/euro area derives from its economic paradigms. The principle 'one size fits all' behind European Central Bank policy activates centrifugal forces. Diverging trends in unit labour costs, external competitiveness and external balances follow. German policy...