goods at EU borders and whether such a tax would be compatible with WTO rules. The major findings are: 1. A CO2 border tax …

rates of 6-7% are simply unsustainable for both Italy and Spain. After taking a closer look at the fundamentals, however … for quite some time, but only if they mobilize domestic savings, which remain strong in both countries. For Spain, some …

area countries now under financial market pressure. (Greece, Ireland, Portugal, Spain and Italy = GIPSY). The key finding … is that the adjustment will be particularly difficult for Greece (and Portugal) because these are two relatively closed … satisfy the Stability Pact. By contrast, Ireland and Spain face more of a liquidity than a solvency problem. Italy seems to …

reaction of wages to unemployment in Greece under the program was increasingly similar to that observed in Germany and Portugal … den Programmen denen in Deutschland und Portugal ähnlicher wurde (was bisher wenig Aufmerksamkeit erregt hat). A priori …