The euro area faces a double challenge: debt overhang and the need for price adjustment. This paper reviews the debt challenges in the household and…

At a time of symmetric global slowdown, migration cannot contribute as much to absorbing economic shocks as it could if the shock were asymmetric. Early…

Alan Ahearne, Birgit Schmitz and Jürgen von Hagen explain how the EU has increased the tendency of capital flow from relatively rich to relatively poor…

The outlook for two of the euro area‘s best performing economies to date, Ireland and Spain, has darkened dramatically recently amid severe downturns in housing…

This report surveys the economic performance of the euro area and gives recommendations about six policy challenges of major importance for the future of EMU.

Increasing nervousness in world financial markets give new relevance to the long-standing issues of global current account adjustment. It reminds policymakers that this adjustment, if…

Governance of the global economy is becoming a pressing matter and the situation is compounded by the growing number and diversity of players in the…

Alan Ahearne, Jean Pisani-Ferry, André Sapir and Nicolas Véron contributed this paper to the project "Globalisation challenges for Europe and Finland" organised for the secretariat of…

Alan Ahearne and Jürgen von Hagen explore the options European policy makers have in the context of global current account imbalances. Some Europeans are concerned…

Alan Ahearne and Jean Pisani-Ferry explore the implications of economic divergence in the euro area for policy makers, as well as the discipline required to…