The application of the policies prescribed by the Washington Consensus in developing countries is the subject of a vast literature. What is much less known is that there exist only one pure laboratory experiment implementing the Washington Consensus in the western world: Europe. The aim of this...

This paper aims at providing a quantitative assessment of different proposals for reforming the Stability and Growth Pact by extending a counterfactual experiment performed in Eichengreen and Wyplosz (1998). Using estimated coefficients from a reduced form model, we simulate the path of the...

In this paper, we develop an analysis of the reasons for the apparent failure of the “Lisbon strategy” (2000) so far. After having made the general case for a comprehensive “institutionalist perspective” on the European economy, we first try to formalise the objectives of “Lisbon” in...