In the trade policy area MDG 8 "Develop a global partnership for development" is the most relevant. Despite important efforts, MDGs' implementation is proving very complex and it is falling way behind schedule. This is also reflected in the enduring difficulties current round of multilateral...

Using an estimated large-scale New-Keynesian model, we assess welfare and business cycle consequences of a fiscal union within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a centralised fiscal authority. Relative to the status quo,...