It is often claimed that tax and welfare reforms that aim at enhancing efficiency may come at the cost of cyclical stabilisation. Reducing the generosity of welfare systems and lowering taxes may boost efficiency and output, and improve market adjustment to shocks. But, by reducing the size of...

The issue of shocks affecting participants in the Economic and Monetary Union (EMU) in Europe asymmetrically is an important concern of both economists and policy makers. The present paper focuses on the likelihood of asymmetric shocks in Europe originating from the impact of exchange rate...

The book reveals that European product market integration has a significant impact on the conditions of competition, the strategies of companies and the structure of industry. It adds a quarter of a percentage to annual GDP growth rates and has not led to an increased exposure of the EU to...