and economy, of the emergence of new (unconventional) threats, of disruptions and, not least, of failed public policies … citizens and elites alike do not lose trust in democratic values. It may also be true that, although democracy has a "liberal …” we are living through, or do they have deeper roots? An answer to this question begs an examination of trends in society …

are already highly integrated in terms of trade and factor mobility. The potential discrimination effect against trade … with third countries tends to increase with new member states entering EMU and could also affect Asian economies' exports … to Europe. At the same time, so-called overlap or similarity indices for trade patterns show an increasing similarity …

-44 Straubhaar, T.; Weinert, G.: Deutschland und der Euro : die Bedeutung des einheitlichen Währungsraumes. - S. 45-72 Schulz … Deutschland? Eine ehrliche Kosten-Nutzen-Rechnung. - S. 93-114 Diedrichs, U.: Deutschland in der EU und in der Welt : von den … Kosten und Nutzen einer europäisierten Außenpolitik. - S. 115-134 Wessels, W.: Deutsche Europapolitik - Strategien für einen …

data over the period 1979-2003. Measures of the global output gap using two different weighting schemes (based on PPPs and … trade data) are considered. We find little evidence that global capacity constraints have either explanatory or predictive … should specifically react to developments in global output gaps does not seem to be justified for the euro area …

Weltwirtschaft und die abnehmende Unsicherheit im Zusammenhang mit der Krise im Euroraum schaffen ein Umfeld, in dem die günstigen … Währungsunion oder ein Nachlassen der Konsolidierungs- und Reformanstrengungen in den Krisenstaaten könnte zu erneuten Anspannungen … credible since price dynamic and inflation expectations are already low or, in the case of Japan, a higher price dynamic would …

dispersion in inflation rates have not been much different to the variation across US regions, inflation differentials in the … have also been growing strongly, such that the relative importance of intra-EMU trade has not dramatically increased. In … terms of future risks, a severe economic downturn or financial crisis in a member country will be the proving ground for the …

impact of the New Regulatory Wisdom on banking, credit and money: good or bad? / Sir Adam Ridley -- 6. Why has monetary … policy not worked as expected?: some interactions between financial regulation, credit and money / Charles Goodhart -- 7. The … 'quantitative easing' in the UK's Great Recession and afterwards / Tim Congdon -- 3. UK broad money growth and nominal spending …