In the last decade, over half of the EU countries in the euro area or with currencies pegged to the euro were hit by large risk premium shocks. Previous papers have focused on the impact of these shocks on demand. This paper, by contrast, focuses on the impact on supply. We show that risk...

The notable rebound of U.S. manufacturing activity following the Great Recession has raised the question of whether the sector might be experiencing a renaissance. Using panel regressions, we find that a depreciating real exchange rate, an increasing spread in natural gas prices between the...

The European Community faces the task of reformulating its Mediterranean policy in the light of the rather disappointing experience with the “Global Mediterranean Policy” adopted in 1972, the effects of the southward enlargement of the Community and the changed world economic climate. The...