The deficit bias, inherent in the single European democracies and magnified in the framework of a monetary union, calls for additional budget discipline to be enforced throughout Europe. In the terms in which it has been signed, however, the Growth and Stability Pact does not appear to be a...

The Swiss Treasury has used the sealed-bid, uniform-price auction format for allocating government bonds since 1980. In this study, we examine the authorities' motivation for choosing the uniform-price auction. In addition, we describe how the institutional set-up evolved over time. It includes...