[fre] Pourquoi le SME a explosé et comment le relancer ?. . Les quatre interprétations avancées à la suite des crises de change de 1992 et de 1993 sont probablement complémentaires. Les leçons à tirer conduisent à porter un jugement pessimiste sur les possibilités de survie du SME et...

The strong interdependence between banking and sovereign crisis has emerged as a salient feature of euro area crisis. This interdependence, for sure, is not a specific feature of the euro area. But as pointed out by several authors the vicious cycle seems to be extremely strong in the euro area....

This paper reviews the accumulated theory and evidence on the sources of European underperformance in terms of economic growth and unemployment. It takes the view that the main problem lies with labor market institutions, ranging from negotiation structures to hiring and firing costs,...