Despite new hopes raised during the second semester of 2012, the Euro area is not yet out of recession. It has been following an economic strategy aiming at reducing budget deficits but hampering growth prospects. Budgets for 2013 have already been adopted by parliaments and lead to further...

The paper reviews the state of the economic literature on the link between financial development and growth. We first examine the issue of measurement of financial development and the debate on the direction of causality between finance and growth. Next, we extensively discuss the various...

French GDP is expected to fall slightly in 2013(-0.2%)and recover by a modest 0.6% in 2014. Five years after thestart of the crisis, the French economy has a strong potential for recovery: GDP could grow spontaneously by2.6%per year on average in 2013 and 2014. But this spontaneousrecovery...

The Great Recession has developed for more than 5 years. Starting from 2010, fiscal austerity planshave been implemented in many advanced economies, especially in Europe with a viewto cut rapidly public deficits. But budget targets have often been misseddue in general to the underestimation of...