The financial crisis has affected the real economy in stages yet nevertheless at an unexpected rate and with all regions being affected simultaneously. It advanced almost independently of the regions' exposure to the actual initial causes, among them the subprime crisis, innovative financial...

There is evidence that a budget consolidation strategy can work with only a small and shortlived negative impact on growth. However, many countries are currently trying to consolidate at the same time as firms and consumers are deleveraging. We develop ten guidelines for consolidation during...

After President Trump's departure, many expected that the transatlantic partnership would return to its previous state with the US playing a leading role. This article challenges that view. Instead, a new world order is foreseen, with different partnerships and spheres of influence. Europe can...