Jean Pisani-Ferry's note was prepared for the European Parliament-National Parliaments Debate on How to Raise Growth in the Euro Area? in Brussels.

The European Union growth agenda has become even more pressing because growth is needed to support public and private sector deleveraging, reduce the fragility of the banking sector, counter the falling behind of southern European countries and prove that Europe is still a worthwhile place to...

- Data from 135 countries covering five decades suggests that creditless recoveries, in which the stock of real credit does not return to the pre-crisis level for three years after the GDP trough, are not rare and are characterised by remarkable real GDP growth rates: 4.7 percent per year in...

The study intends to contribute to a better understanding of the interactions between criminality, economic performance and social cohesion. We try to achieve this aim by evaluating the existing economic and criminological research and by carrying out own empirical investigation on the basis of...

The report summarized the main contents that were presented at the Second WWWforEurope Feedback Conference, taking place on May 6th 2015 in Vienna. After 38 months of extensive work on essential questions for Europe’s future with a particular focus on laying the analytical basis for a...

For monetary policy purposes it is useful to apply a concept of potential output growth that looks through the fluctuations inherent in most model based estimates. Growth accounting can be a useful tool in this respect, given its focus on average developments in real GDP growth and supply side...

Do asset prices affect real activity? This question has taken on a new importance in recent years, as asset values first surged at the end of 1990s and, thereafter, dramatically retreated. This report reviews the available theoretical and empirical evidence regarding asset price and wealth...

The aim of this study is to investigate the extent to which the dispersion of real GDP growth rates has changed over the past few years and whether the synchronisation of business cycles has increased among the euro area countries. The study is divided into two main parts. The f irst focuses on...

This paper examines the macroeconomic consequences of future demographic trends for economic growth, financial markets and public finances. It shows that in the absence of reforms and responses by economic agents, the currently projected demographic trends imply a decline in average real GDP...