We find the litmus test is whether governments gain access to a safe source of funding in a ‘domestic’ currency. Of the list of solutions considered, both Purple bonds and E-bonds can meet this criterion.

In its present set-up, the EMU could be expected to follow its historical predecessor, the Latin Monetary Union, which was founded in 1865 and in effect ended in 1914. Then as now, it was impossible to coerce sovereign states to follow the rules needed to establish a single currency.

Since growth and employment are the economic variables dominating the public debate in an era of low inflation, it is no surprise that, that the euro has become a matter of increasing political controversy despite inconclusive evidence on its overall impact.

The lesson from previous episodes of trade reform is in part a story of political framing as well as a story of compensatory deals. Countries can calculate that they might lose out on the solution to one of the issues but gain on another.

Gender differences in wages are a persistent pattern in most European countries. This study analyses the earnings divide between men and women and the driving forces behind it in 26 countries. In 2014, the cross-country gender pay gap stood at 14.2%. However, country-level results differ...

This paper examines the real return that households in large euro area countries achieved with their financial portfolios since the onset of the euro. A newly compiled dataset shows that, contrary to widespread belief, overall real returns did not decline in the low interest environment. Indeed...

Data becomes a more and more important factor in the economy. To fully develop the economic potential of the data economy, antitrust regulation has to prevent the abuse of market power while sustaining the benefits of cooperation. This paper presents the pillars of European antitrust regulation...

This paper discusses the growing dimensions of the offshoring of service activities both in manufacturing and service industries. Trade in Value-Added data implies a great potential of service offshoring for global welfare, however, the negative effects have to be balanced by appropriate...