The Eurozone is not a mere currency area. It is also a unique polity whose actors span multiple levels (supranational, national, regional, sectoral) and pursue overlapping economic and political objectives. Current thinking on the Eurozone relies on received categories that struggle to capture...

This paper examines the Lucas Paradox and the Allocation Puzzle of international capital flows referring to a panel data set of EMU countries and major industrialized and emerging economies. Overall, the results do not provide evidence in favour of the Lucas Paradox and the Allocation Puzzle....

Contents: Part I A modern take on structural reforms -- 1. Past and future reform challenges for CESEE and Europe at large / Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth -- 2. Revisiting transition reform / Sergei Guriev -- 3. Europe's moments of truth - wicked crises, good and...