The paper is primarily concerned with identifying the recent macroeconomic performance of there Central European economies -Czech Republic, Hungary and Poland identifying some of the major reform measures which have been implemented as well as some of the major difficulties which each of them is...

This paper examines the likely impact of Capital Adequacy Directive (CAD) on European Securities markets, focusing in particular on the competitive consequences for institutions engaged in the trading of equity securities.

These texts are an addendum to the texts originally published as Europaper No 7 "Compilation of community legislation and related documents", and should be read in conjunction with that work. A definitive version of the compilation will be published later in the year.

The paper discusses the impact of EMU on the 12 Mediterranean partner countries. It argues that the introduction of the euro is likely to have a positive, albeit limited, impact on the region. The Mediterranean partners will benefit from a more predictable and transparent external environment...

The paper focuses on how localised external, economies of scale created by knowledge spillovers, encourage industrial agglomeration and cause uneven technological development internationally.

Applying a newly developed CGE-model, we present scenarios for the future economic geography of Europe. The model divides the world into ten regions, of which five are European, and there are 14 industries, of which 12 are imperfectly competitive. With a complete input-output structure, the...

Today, a variety of financial systems exists in Europe. In view of EMU the question then arises what kind of "institutional convergence" may be required to enable the future European System of Central Banks (ESCB) to function efficiently. With respect to payment systems and settlement assets the...

Financial liberalization and integration have generated disappointing results. This paper provides an opinionated overview of many of the initiatives currently on the table. We will structure the paper by discussing the different views about what is wrong with the world, or as economists would...

Two exceptions to the argument that export promotion offsets import substitution are provided. The first is based on the observation that protection in small open economies produces monopolisation of the domestic market. The second qualification stems from the discretionary and contingent nature...