In the past decade, we observed an acceleration of Western European integration, while the transition countries of Central Eastern Europe have not become members of the EU. In this paper, we conduct numerical simulations on the consequences of such a kind of differential integration within the...

This paper asks how Asia should prepare for the disorderly correction of global imbalances. It recommends tightening monetary policy and allowing Asian currencies to appreciate as a way of achieving a better balance between internal and external demand. Leaving the overall level of demand...

The European Union (EU) is one of the most successful integration arrangements in the world. However, the disintegration in Europe through Brexit is puzzling. This article aims to clarify this dilemma by addressing the following questions: Was the former French President, de Gaulle, right that...