The 1937/38 recession in the United States is often quoted as a warning against premature exits from monetary and fiscal stimulus. The presumption is that the 1937/38 recession was indeed due to such a premature exit. This Economic Brief presents evidence that goes against this view. The 1937/38...

The economies of Mexico and Brazil have many important commonalities, but Brazil's economy has, so far, shown more resilience to global economic crisis, which had its epicentre in Mexico's Northern neighbour. In this Economic Brief the performances of the Brazilian and Mexican economies are...

The 11th Brussels Economic Forum, held on 25-26 May 2010, took place against a background of the Greek debt crisis and keen debate on the future of Europe's economic governance. In that sense it took place at the ideal moment. Participants debated the causes and consequences of the crisis, and...

This brief reviews the main economic developments since transition in the three Baltic economies and highlights challenges for the future. Although the three economies went, in an almost synchronous fashion, through similar stages of catching up and financial convergence-driven booms and busts,...

This brief presents several stylised scenarios to explore the potential macroeconomic benefits of the Europe 2020 strategy. An essential part of Europe 2020 consists of reforms with a medium- to long-term horizon that focus on promoting the sustainability of public finances, enhancing potential...

Private consumption is a key component in the rebalancing of growth that China is seeking, and a challenging one. Not only for the 1.3 bn. Chinese citizens, but it could make an important contribution in addressing global imbalances. Understanding what drove the consumption share down to a mere...

This brief reviews the evolution of the US and the European labour markets since the beginning of the financial crisis. In the US, the unemployment rate and the share of long-term unemployment grew very fast, during the crisis, thereby reaching levels close to those in the EU. Does that mean...

The policy brief analyzes the relative performance of the Czech and Slovak economies between the official confirmation of Slovakia's euro-area entry in mid-2008 and end- 2010. The analysis suggests that both economies continued to evolve in a highly similar manner. Czech real exports, as well as...

This policy brief analyzes whether the exposure to the CEE10 region is a risk for parent banks. Simultaneously, risks for the CEE10 countries implied by the strong presence of foreign-owned banks as well as possible feedback loops are discussed. Ongoing financial market turbulences within the...

There is a widespread perception that imbalances within the euro area are not adjusting, the major difficulty being that the competitive disinflation processes required in deficit countries are painful, while no strong incentives are always available in surplus countries to reduce their excess...