So far it has not been possible to solve the crisis of the European Monetary Union. In recent months it has worsened increasingly and is now placing a drag on global economic activity. A comprehensive solution to the crisis would include the establishment of joint liability for government debt...

Global economic activity continues to weaken. The crisis acts as a drag on the euro area economy. A slowdown is noticeable also in Asia's emerging markets. These developments dampen economic activity in Austria. Growth in the manufacturing industry is slowing. But the construction and services...

WIFO coordinates the interdisciplinary four year research project "Welfare, Wealth and Work for Europe – WWWforEurope" within the 7th Framework Programme funded by the European Commission. The project brings together researchers from 33 scientific institutions in 12 European countries with...

The global economy lost momentum over the course of 2011. In the euro area, economic indicators point to economic stagnation in the first half of 2012. This is also weighing on the Austrian economy. However, there are tentative signs of a stabilisation in economic activity. Nevertheless,...

After the deepest decline in decades world trade has recovered since the early summer of 2009. However, most recently its volume has still been about one eighth below the peak of April 2008. The strong impulses for the world economy initially originate from the emerging economies in Asia. China...

Underpinned by expansionary economic policy, global economic activity has stabilised, with world trade expanding vigorously since the summer. In Austria, real GDP grew at a seasonally adjusted quarter-on-quarter rate of 0.9 percent in the third quarter, according to provisional calculations....

Books reviewed: Davidson, Paul (2007): John Maynard Keynes, London/New York Godley, Wynne / Lavoie, Marc (2007): Monetary Economics. An Integrated Approach to Credit, Money, Income, Production and Wealth, Houndmills et al. McCombie, John / Rodriguez Gonzales, Carlos (eds.)(2007): The European...

First paragraph: In the past two years the world economy experienced a patchy but relatively strong recovery. In the European Union, however, the upturn was markedly weaker than in the rest of the world. Buoyant exports to the fast-growing emerging economies led to a strong upswing in several...