While current instruments of EU economic policy coordination helped stave off a fullscale depression, the post-2007 global financial and economic crisis has revealed a number of weaknesses in the Stability and Growth Pact, the EU framework for fiscal surveillance and fiscal policy coordination....

After the launch of the single currency the euro exchange rate fell and interest rates had converged towards the (low) German level. These shocks have worked out differently for the small and large countries. Housing markets have acted as an important vehicle of transmission of these shocks onto...

The causes and consequences of the financial crises in the Nordic countries in the early 1990s are examined and lessons from this episode are extracted. The focus is on the boom-bust episode in Finland, Norway and Sweden as these three economies went into a deep recession. The lessons from the...