This paper studies welfare consequences of a soft borrowing constraint on sovereign debt which is modeled as a proportional fine per unit of debt exceeding some reference value. Debt is the result of myopic fiscal policy where the government is assumed to have a smaller discount factor than the...

The study discusses the relationship between accountability and transparency in central banking and the role and scope of parliamentary scrutiny. Special attention is given to the consequences of the current crisis for this area. For the authors, the current crisis shows that price stability...

The publication is the result of a major new research project of the International Organisation for Migration (IOM). The project was managed by IOM Vienna and funded by the European Commissionu0092s Directorate for Employment and Social Affairs. It analyses migration trends in six EU accession...

When calculating the cost of Turkish membership for the incumbent members, one must appreciate that this process is highly speculative. Not only Turkey, but also the EU are evolving and changing constantly. In addition, one cannot know with certainty what the rules concerning the budget will be...