This paper examines the cyclical behaviour of country-level macro-financial variables under EMU. Monetary union strengthened the covariation pattern between the output cycle and the financial cycle, while macro-financial policies at national and area-wide levels were insuffciently...

As we embark on a new century, some 33 million people are out of work in the OECD area. Policies to increase employment have topped most countries' domestic political agendas in the past decade. And employment and unemployment are likely to remain major economic and social challenges for many...