The early literature on Economic and Monetary Union (EMU) in Europe provided insights into the difficulties involved in forming a monetary union among diverse economies. Several of the problems that emerged in the euro crisis were correctly diagnosed beforehand. The fact that they were not...

EMU is a completely new policy regime which has significant economic implications and which, it is hoped, will ultimately enhance the role of Europe on the world stage. EMU and Economic Policy in Europe takes stock of the initial experiences of EMU and assesses the challenges which will have to...

This paper takes stock of the academic and policy discussions on the fiscal institutions of EMU, confronts the framework in place with what is known of the desirable properties of fiscal policy in a monetary union, and discusses possible improvements. We start with a discussion of three...

[eng] For this issue focused on the euro, each author has been asked to answer the following question : « What do you believe will be the main developments that are likely to affect, and possibly transform, the euro area and its functioning over the next ten years ? ». The whole set of...

Prior to the launch of the euro, academics and policymakers were concerned that the loss of the monetary policy instrument would deprive participating countries of a vital tool to respond to country-specific economic shocks. This concern was rooted in the generally accepted proposition that...

The report provides a comprehensive analysis of Europe-East Asia interdependences (in terms of relative economic weights, trade and financial integration, trade and financial flows, exchange rate and wealth transfers). The prime motivation of the paper is that linkages between Europe and East...

[fre] Au cours des vingt dernières années, l'économie française s'est ouverte de plus en plus aux échanges internationaux, la structure par produits de son commerce extérieur s'est modifiée, son taux de couverture s'est dégradé, son endettement extérieur s'est accru. Quelles sont les...