In the post-Constitution EU, the rotating Presidency would be replaced by a hybrid system combining a rotating component with the establishment of a permanent President for the European Council. Using a principal-agent framework, we look at the supply and demand for formal leadership in the new...

The EMU fiscal adjustment paths of the four Southern Europe members (Italy, Spain, Greece, and Portugal – SE-4) vary along two dimensions: a) cross-temporal (pre- and post-EMU accession) and b) cross-country. We account for the cross-temporal variation by distinguishing between the ‘hard’...