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’...

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...