This paper reviews the arguments in favour and against the “Stability and Growth Pact” signed by the countries of the Euro area. We find the theoretical debate to be inconclusive, as both externality and credibility arguments can be reversed to yield opposite, and equally plausible...

The authors compare the European Community's "trade fundamentals" prevailing in the 1960s with those applying in Arab countries today. The fundamentals differ significantly-Arab countries trade much less with each other than EC members did, and the importance of such trade in GDP varies greatly....

L’article commence par estimer le niveau et les coûts de la protection en Europe. Le niveau moyen de protection (droits de douane et principales barrières non-tarifaires) est de 12 % environ (contre 14 % jusqu’en 1997) avec des pics élevés pour les produits agricoles et certains biens...

According to the fiscal theory of the price level (FTPL), the interactions between monetary and fiscal policies with governments facing the possibility to act in a non-Ricardian manner make the general price level be fully determined. Here, depending on the expectations framework, we show to...

The trend of female employment in France is original in comparison with the other European countries. Although French women have more children than their European sister members they are massively present on the labour market. As Jeanne Fagnani (2001) emphasises it, this paradox changes the...

There are various factors affecting one’s conjecture about the future of the world economy. One is the “objective” content of current evolution as it is reflected by economic indicators (the second pillar, to speak in the language of the ECB); another is the increased degree of uncertainty...

Current forecasts for Europe are currently grounded on a compromise between two alternative hypothesis, which I will describe in a stylised way. According to the first which may be called the big economy assumption, the European economy not being poisoned by structural desequilibria – the huge...

L’objet de ma contribution est de replacer le phénomène d’investissement direct dans une perspective européenne. J’aborderai trois points : – le poids des pays de l’Union européenne dans les investissements directs réalisés au niveau mondial ; – l’importance des flux...

The ECB has a very clear idea of what European governments should do in the name of ‘sound’ economic management: balance the budget, reduce the role of the state in the economy by cutting public expenditures; increase the flexibility of labour markets by shrinking the welfare state (see for...