The EU's structural reform agenda attaches a considerable weight to the establishment of efficiently working and integrated EU financial markets. While there is a firm consensus that a well-functioning financial sector is a precondition for the efficient allocation of resources and the...

This study provides a thorough assessment of the likely effects of financial market integration on the ability of European countries to grow faster and on how the possible benefits will be distributed among the Community countries and industries. It achieves several conclusions strongly...

This paper analyses non-Keynesian effects in fiscal consolidations in the EU. The analysis is carried out both ex-post, i.e. by looking at the emergence of expansionary consolidations in the past and at their characteristics, and ex-ante, i.e. by simulating with the European Commission QUEST...

Since the short reunification boom, the German economy registered very low growth rates which are substantially below those of other EU countries. This paper analyses the underlying reasons for this under-performance. The fiscal burden of unification, the decline of the construction sector and a...

This study examines empirically factor mobility and distribution of economic activity under economic integration, with the result that the benchmark of the equal-share relationship holds strongly for US states and less so for EU countries, but does not hold for Developing Countries or the World....

This paper develops an approach to measure the uncertainty surrounding expected GDP growth that prevails in the economy. This is accomplished by making use of consensus forecasts of GDP growth and by studying the properties of distributions of forecasted euro area GDP growth. A euro area...