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...

Euro area countries and Japan are confronted with similar challenges. Potential output is on a falling trend in the euro area, and the decrease started well before the financial crisis. In Japan, low output growth is a striking feature since many years, despite the unconventional monetary policy...

This book calls upon us to rethink and reboot the European Union. The authors dissect the EU’s many vulnerabilities: how some Member States are backsliding on the rule of law, freedom of the press, and control of corruption - and how globalization’s ‘discontents’ are threatening the...