This policy contribution describes the unresolved adjustment problems confronting the eurozone, and places them in historical perspective by comparing developments in key real economic variables under EMU with those observed under the Bretton Woods system. The main finding is that the eurozone...

In this contribution, Stefano Micossi, Alexandra D'Onofrio and Fabrizia Peirce examine the influence of the euro on the German economy and the role Germany has played in the evolution of Europe's economic and monetary union.This paper describes four features of the German economy which lie at...

This paper describes four features of the German economy which lie at the root of its external imbalances: the evolution of its real exchange rate; the underlying trends in productivity and unit labour costs; the persistent shortfall of investment relative to domestic savings; and the deployment...