Based on a new database of bilateral financial flows among euro area countries and their major world partners, this paper explores the role of financial links in the accumulation and then adjustment of current account imbalances in the euro area. The data show that the geography of financial...

The Europe 2020 presents an ambitious and comprehensive strategy to guide the EU out of the economic crisis, to ensure macroeconomic stability and to put in place an ambitious structural reform agenda. An essential part of this strategy is the introduction of reforms with a medium- to longterm...

Bilateral financial investments are not commonly available from a single source. Our database Finflows aims at centralising the information on bilateral capital financial stocks and financial flows in a single place. It provides estimates of external assets and liabilities flows between around...

The report assesses compliance with the terms and conditions set out in the updated MoU. The MoU was updated following the fourth review mission and was agreed between the Cypriot authorities and the programme partners, i.e. the European Commission (EC), the European Central Bank (ECB), and the...

Staff teams from the European Commission (EC), European Central Bank (ECB), and the International Monetary Fund (IMF) visited Nicosia from 6 May to 17 May 2014 for the fourth review of Cyprus' economic adjustment programme, which is supported by financial assistance from the European Stability...

The design of the initial scoreboard is presented in the first Alert Mechanism Report (AMR) issued by the Commission on 14 February 2012. This paper adds to the AMR by describing in more detail the rationale of the different indicators, the choices made in the selection process and how they...

Summary for non-specialistsAn essential part of the Europe 2020 strategy consists of reforms with a medium- to long-term horizon that focus on promoting the sustainability of public finances and enhancing potential growth. Building on structural reform simulations with the DSGE model QUEST III,...

Using a variety of economic models, the Commission services have examined the impact of several reforms forming part of the Growth and Jobs Strategy (GJS). Overall, the results show that past reforms have delivered significant benefits, and that further reforms in key areas could generate...