Power indices suggest that adding new members to a voting body may increase the power of an existing member, even if the number of votes of all existing members and the decision rule remain constant. This phenomenon is known as the paradox of new members. This paper uses the leading model of...

It is argued that bidders in liquidity-providing central bank operations should typically possess declining marginal valuations. Based on this hypothesis, we construct equilibrium in central bank refinancing operations organised as variable rate tenders. In the case of the discriminatory pricing...

In this paper we look at business cycles similarities between CEE countries and the euro area. Particularly, we uncover GDP-inflation cycles by adopting a trend-cycle decomposition model which allows the trend to be either stochastic or deterministic i.e. of the non-linear type. Once cyclical...

Due to the principle of subsidiarity, European Union law is inherently incomplete. Hence, neither the transposition of the acquis communautaire, nor the law or impetuses coming from Brussels is a panacea to numerous real-life legal, economic or political problems not being focused upon by the...

Cohesion policy is recognised as a key financing instrument at the EU level to promote development with particular emphasis on those countries and regions that are lagging behind. There have been numerous studies looking into the role and rationale of cohesion policy at the EU level on the one...

We propose methods to evaluate the risk assessments collected as part of the ECB Survey of Professional Forecasters (SPF). Our approach focuses on direction-of-change predictions as well as the prediction of relatively more extreme macroeconomic outcomes located in the upper and lower regions of...

After the fall of communist regime the Romanian current account passed from exceeds to substantial and persistent deficits. This evolution raised concerns over the country external sustainability. Since 2007, in the Romanian foreign trade dramatic changes occurred, being induced by the adhesion...

The book provides a cross-section and in-depth analysis of European Negotiations based on the experience of Vasile Puscas as Chief Negotiator fo Romanian accession to the EU and on the work of theoretisation carried out by pofessor Vasil Puscas as a university pofessor in International relations

The Union's noncompliance with any of the standards of gay rights protection it had at its disposal in 1997, when the pre-accession Regular Reporting of the East European applicants for membership commenced, did not prevent it from promoting gay rights protection as a necessary pre-accession...

Important questions concerning the structure and operation of a European central bank remain to be answered. Although there exists no precedent for the process of institution-building in which the European Community is currently engaged, the founding and early operation of the Federal Reserve...