The article offers an overview of the literature on the many institutional weaknesses of the Eurozone exposed in the 2009-2013 period. Comparing failures with expected outcomes clarifies where the original project has gone wrong. Three main conclusions are offered. a) The Eurozone is even less a...

Ein integrativer Politikansatz zielt auf die Verbesserung der Lebensbedingungen in einer Vielzahl von Dimensionen bei Bewahrung der natürlichen Lebensgrundlagen ab, und diese Dimensionen müssen in eine sinnvolle moderne Wohlstandsdefinition einfließen. Ein moderner Wohlstandsbegriff ist viel...

In our analysis, we examine the convergence of all recent ten European Union (EU) members to EU standards. Novel features of the paper include more complete measures of convergence, in particular fiscal convergence; a broader examination of inflation convergence with respect to the Maastricht...

Although federal deficits have shrunk markedly in recent years, growing spending for Social Security and major health care programs, along with increasing interest costs, would cause them to rise steadily over the long term. The larger deficits would cause federal debt to grow faster than the...

The crisis in the European currency area is not over yet. Although the situation in the financial markets is currently relatively calm, the economic crisis appears to be bottoming out in most countries. Nevertheless, fundamental design flaws in the Monetary Union continue to exist. If these are...

A tiempo de formular la política monetaria, los bancos centrales toman en cuenta los principales aspectos que influyen en el logro de su(s) objetivo(s), entre ellos el rumbo de la política fiscal. La evidencia de las últimas décadas en los países emergentes muestra que el sector público ha...