value in the period October to December 2011. Holdings of debt of other periphery countries, in particular Spain, were not …

of total employment in Germany and of 1.5 percent in Austria. Low-cost jobs in affiliates in eastern Europe help Austrian … firms in Austria and Germany are outsourcing skill-intensive activities to eastern Europe, taking advantage of cheap and … workers in Austria and Germany. To address the skill exodus to eastern Europe, we suggest liberalising the movement of high …

in Asia and in the major oil-exporting countries. Although Europe is not part of the problem of global imbalances …, Europeans are concerned that a disproportionately large burden of adjustment will fall on Europe. Without more exchange rate … divergences within the euro area. If EU institutions do not deliver in the face of a sharp appreciation in the euro, Europe …

growth economics literature. EU countries are converging. Regions in Europe are also converging. But, within countries … role in recent growth convergence patterns in Europe. Generally, macroeconomic simulations produce better results than …

remedies and how they may be differentially implemented in America and Europe. They conclude on the policy developments that …