This study examines whether differences in monetary policy are associated with diverging effects of public spending on growth. At first stage, we estimate public spending multipliers for each country of the European Union (EU). Their size varies considerably across countries. Then we incorporate...

In this speech, John Vickers, Executive Director and Chief Economist at the Bank, discusses possible links between monetary arrangements - in particular monetary union - and economic growth. He stresses that growth depends ultimately on how the real economy works: there is no monetary magic that...

This paper discusses possible links between monetary arrangements in particular monetary union and economic growth. It is stressed that growth depends ultimately on how the real economy works: there is no monetary magic that can conjure up growth. But monetary policy can contribute to conditions...