Since the onset of the sovereign debt crisis, the crisis-stricken countries in Europe have been pushed to take drastic steps to consolidate their finances and reduce their budget deficits. Despite strong public opposition and largely damaging short-run effects, the countries have undertaken many...

Since their accession to the European Union in 1986, both Portugal and Spain have benefited from strong financial support. Both countries have experienced considerable growth in income per capita, converging towards average European levels. However, several studies suggest a high degree of...

Diverging fiscal policy paths, housing booms and diverging unit labour costs were driving forces of rising intra-European current account imbalances, which were underpinned by low interest rates. Since the outbreak of the crisis, the adjustment of intra-EMU current account imbalances has been...

Unlike traditional (goods-only) trade agreements, the scope of the General Agreement on Trade in Services extends beyond the treatment of products (services) to cover that of suppliers as well. The trade interests of particular groups of suppliers, including SMEs, can thus be addressed directly...

As economic inequality in Europe has continued to rise, it has become the subject of increasing academic attention. What are the drivers of inequality? How does it affect intergenerational economic and social mobility? At what point does inequality become a drag on economic growth or a threat to...

Recent public debate on the costs and benefits of EU membership has focused more on the costs and less on the benefits. This paper explores the benefits from improved regulatory or policy implementation and enforcement. If actual regulatory enforcement differs from the socially optimal level,...