[eng] Competition, as both a brake and an engine of investments OFCE For the past year, the main engine of the european upturn has been the improved exchange rate and liquidity background. European exports are regaining market shares, especially in the case of Germany. The investment plans of...

Faced with the impossibility of reaching a political agreement to review the fiscal treaties, the Commission could limit itself to applying the current rules with flexibility, which would maintain an ambiguous situation: much ado about nothing.

The fiscal governance of the EMU is in dire need of reform. Its current arrangements suff er from several shortcomings, most notably, the limitations they impose on national fiscal policies, steering them towards too restrictive or pro-cyclical stances; the absence of an unconditional lender of...