Rules are generally useful, and rewards typically require effort in all areas of life. For example, a university degree is awarded only after having completed all classes; with the degree the graduate has better chances to find a good job. However, what if a rule does not make sense, the stakes are now higher, and everyone is aware that?
Treaty change is needed to make sense of euro-area entry criteria
Zsolt Darvas, 23 July 2009
Can we understand the recent moves of the euro-dollar exchange rate?
Anton Brender, Emile Gagna, Florence Pisani, 21 July 2009
Trying to forecast foreign exchange rates is challenging. Understanding their past behaviour is not much easier. In this respect, the bumpy road followed by the dollar against the euro during the last two years seems to be no exception. Nonetheless, a look at Figure 1 gives some interesting clues.
Five years after the enlargement of the EU
Marco Buti, István P. Székely, Filip Keereman, 20 June 2009
The biggest enlargement in the history of the EU took place five years ago. While it may be too soon to draw final conclusions, the findings of a comprehensive report by the European Commission (2009) suggest that the first five years of the enlargement were a major success.
What is it good for? Absolutely for financial integration
Elias Papaioannou, Sebnem Kalemli-Ozcan, José-Luis Peydró, 20 June 2009
The introduction of the euro has been one of the most important policy experiments in the international arena. In the early 1990s, when the initial stages of the Economic and Monetary Union were designed and implemented, a fierce debate emerged between euro-optimists and euro-sceptics.
The competitiveness of European firms and the euro
Gianmarco I.P. Ottaviano, Filippo di Mauro, Daria Taglioni, 10 March 2009
In recent years, much attention has been devoted to the impact of a single currency on trade volumes.
Reflections on Americans’ views of the euro ex ante
Martin Feldstein, 26 January 2009
I am pleased to participate in this session on the 10th anniversary of the start of the euro and the European Economic and Monetary Union (EMU).
The looming divide within Europe
Zsolt Darvas, Jean Pisani-Ferry, 23 January 2009
Since autumn 2008, the highly successful and seemingly smooth integration, growth, and catch-up of the new EU member states of Central and Eastern Europe is suddenly looking more fragile. The financial crisis initially plagued the advanced economies of Western Europe and had little direct effect on the emerging economies - including the new member states.
The Euro at ten: Why do effects on trade between members appear smaller than historical estimates among smaller countries?
Jeffrey Frankel, 24 December 2008
With the tenth anniversary of the launching of the euro, everyone is taking stock. The record of the euro shows both pluses and minuses. Looking back, the euro has in many ways been more successful than predicted by the sceptics – many of them American economists.
The first ten years of the euro
Marco Buti, Vitor Gaspar, 24 December 2008
“It is in the nature of beginning that something new is started which cannot be expected from what may have happened before. This character of startling unexpectedness is inherent in all beginnings.” – Hannah Arendt, The Human Condition, 1958.
Iceland: The future is in the EU
Philip Lane, 6 November 2008
Iceland is undergoing a traumatic financial crisis. In just a few weeks, it has seen the collapse of its currency and its banking system, plus a spectacular decline in its international reputation and its diplomatic relations with long-standing international partners.
- Fiscal consolidation: At what speed?Blanchard, Leigh
- Public debt and economic growth, one more timePanizza, Presbitero
- Escaping liquidity traps: Lessons from the UK’s 1930s escapeCrafts
- The lessons of the North Atlantic crisis for economic theory and policyStiglitz
- Rethinking macroeconomic policyBlanchard
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
Reichlin, Turner, Woodford