In 2005 the world economy still developed strongly, but, with GDP growth of 41/2 percent, at a somewhat slower pace than in 2004. Developments still differed substantially among major regions. Whereas output continued to increase in a robust and strong manner in the US and it showed a clear...

This edition marks the seventh annual report of the European Economic Advisory Group (EEAG) at CESifo. This year, the report focuses on the chances and challenges of globalisation. After providing a somewhat clouded business forecast for Europe and the world, the report discusses, among other...