The reform of pension systems is on the political agenda in most European countries and in the USA. The paper considers the main factors underlying the reform process and examines the reforms introduced in recent years and those currently under discussion in order to trace common features, but...

In this paper we present a stylised framework of fiscal policy determination that considers both structural targets and cyclical factors. We find significant cyclical asymmetry in the behaviour of fiscal variables in a sample of fourteen EU countries over 1970-2004, with budgetary balances (both...

In a stylised framework of fiscal policy determination that considers both structural targets and cyclical factors, we find significant cyclical asymmetry in the behaviour of fiscal variables in a sample of fourteen EU countries from 1970 to 2004, with budgetary balances (both overall and...

The experience of other successful monetary unions and economic theory suggest that the euro area would benefit from the establishment of a supranational fiscal capacity. Institutional reforms prompted by the crisis (e.g., the European Stability Mechanism and the banking union) are introducing...