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Whether migration can be an equilibrating force in the labour market is an important criterion for an optimal currency area. The migration reaction to high labour market disparities is of interest particularly within the Eurozone, which lacks an exchange-rate mechanism. This paper compares pre- and post-crisis migration movements at the regional level in both Europe and the United States.
Europe is putting in place a new system of fiscal rules following the euro area sovereign debt crisis and decades of rising government to debt-to-GDP ratios. These include the so-called "six pack" to upgrade the Stability and Growth Pact to a new Treaty incorporating the "fiscal compact".
How do services commitments in RTAs influence multilateral negotiations? Through 4 case studies of the RTAs of Chile, Japan, the EU and the US, this paper looks at political economy issues underlying RTAs in general, as well as the specific concessions that countries make on trade in services.
Transparent design and implementation of domestic regulation reduces business costs for the public and private sector, according to these case studies from Australia, the European Union, the United Kingdom and the United States.
This paper describes the dynamics of the external positions of euro area countries since the formation of EMU.
This paper considers the increase in current account imbalances in euro area countries since the early 1990s.
Some euro area countries accumulated large and persistent external imbalances during the upswing, revealing important weaknesses in the macroeconomic management of the monetary union.
The euro area financial system took excessive risks during the global credit boom, which in some countries led to an unsustainable increase in credit, higher asset prices and housing booms.
There is growing interest in the role of independent fiscal institutions, or fiscal councils, in helping to improve fiscal performance.
To what extent do governments use international standards in their technical regulations? This paper looks at the electrical household appliance, natural gas equipment and telephony sectors in Canada, Japan, Korea, Mexico, United States and the European Union.