The United States and East Asia have extricated themselves more quickly from the relative stagnation of the 70s and early 80s than Europe, which suffers from more rigidities and still lacks sufficient downward flexibility of real wages. To revitalize its economy, Europe has to free its markets...

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This article develops the international aspects of the two-handed growth strategy. Both the supply and demand side measures are reviewed. The need to work on both sides simultaneously is stressed, even if the specific topic of cooperation privileges the demand side. The report argues that...