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We revisit the relation between budget deficits and current account deficits for 28 European Union countries from 1996 to 2019. We find that an increase in budget deficit of 1 pp of GDP results in a deterioration of the current account deficit of 0.318 pp of GDP, which supports the Twin Deficits Hypothesis. On the other hand, dynamic panel estimates partially corroborate the Equivalence Ricardian Hypothesis in the presence of a fiscal rules index. In addition: i) the relation between the two deficits is asymmetric and the negative impact of the recent Eurozone banking and sovereign debt crisis on the current account balance is observed; ii) after 2010, the budget balance positively affects the current account balance; and iii) the positive impact of the budget balance on the current account balance is higher in the cases of non-Eurozone countries, high budget deficit countries, and low exports countries, whereas it is lower in the cases of Eurozone countries, low budget deficit countries, and high exports countries. ; info:eu-repo/semantics/publishedVersion

A new model of economic development focused on the encouragement of smart, inclusive and sustainable economic growth is the core of the Europe 2020 strategy. Education is widely acknowledged as being a key factor leading to economic growth and economic development, in the long term. But the impact of different kind of achievements in education on growth has little empirical evidence, especially when examining the South-Eastern European countries. This paper analyses the role played by different types of educational achievements, aggregated at the macroeconomic level, beside a set of other potential socio-economic drivers, on the economic growth and quality of life, in the South Eastern Europe, based on the Eurostat panel dataset. A number of panel data regression models using the GMM and FGLS estimators allow answering our research questions. Our empirical results indicate what policy measures are the most effective to target both the economic growth and quality of life. ; peer-reviewed

This paper analyzes what channels trade unions in Europe use when trying to influence European Union (EU) policies. It compares and contrasts trade unions in different industrial relations regimes with regard to the degree to which they cooperate with different actors to influence EU policies, while also touching on the importance of sector differences and organizational resources. The study is based on survey data collected in 2010?2011 from unions affiliated with the European Trade Union Confederation and from below peak unions in 14 European countries. Results of the survey show that the ?national route? is generally the most important for trade unions in influencing EU policies in the sense that this channel is, on average, used to the highest degree. In addition, the survey delineates some important differences between trade unions in different industrial relations regimes with regard to the balance between the national route and different access points in the ?Brussels route?.

This paper analyzes what channels trade unions in Europe use when trying to influence European Union (EU) policies. It compares and contrasts trade unions in different industrial relations regimes with regard to the degree to which they cooperate with different actors to influence EU policies, while also touching on the importance of sector differences and organizational resources. The study is based on survey data collected in 2010–2011 from unions affiliated with the European Trade Union Confederation and from below peak unions in 14 European countries. Results of the survey show that the 'national route' is generally the most important for trade unions in influencing EU policies in the sense that this channel is, on average, used to the highest degree. In addition, the survey delineates some important differences between trade unions in different industrial relations regimes with regard to the balance between the national route and different access points in the 'Brussels route'.

In some countries of the European Union (EU) complementary pension schemes represent a major part of pension provision, whereas in others they play a relatively marginal role. An important factor is whether the social security scheme provides earnings‐related benefits and whether the ceiling on eligible earnings for social security purposes leaves room for there to be a demand for supplementary pensions arrangements, in particular for the higher paid. Pressures on the financing of social security, especially with the expected ageing of the population in the first 30 years of the next century, are encouraging many countries to develop complementary provision, and a number of new pension laws have been passed in recent years. However, important though the growth of complementary provision is, it should not be forgotten that investment markets are also likely to be affected by the ageing of the population. There are increasing pressures for greater investment freedom for complementary pension schemes, but little progress has been made by the EU in harmonisation of the regulatory regimes for complementary pensions. If mobility of labour between the countries of the EU is to become a reality, progress needs to be made soon on these pensions issues.

The research leading to these results has received funding from the European Research Council under the European Union's Seventh Framework Programme (FP/2007–2013) / ERC Grant Agreement n [269722].

International audience ; : National defence arrangements appear to be increasingly complex due to budgetary pressures, rising costs and changing threats. There is a risk of massive investment in defence at a time when threats are diminishing, when Europe remains completely dependent on the United States and in a context where a policy of effective neutrality could be imposed through structural disarmament. Threats to European interests may not find echoes and support from the US Government. There are clear advantages to joint procurement by member countries because of the high fixed costs of R&D and the learning curve effects associated with weapons. The main problems to be resolved concern the differing perceptions of national interest among states, highly heterogeneous military strategies and competing industrial interests. ; Les dispositions nationales de défense semblent de plus en plus complexes en raison des pressions budgétaires, de l'augmentation des coûts et de l'évolution des menaces. Il y a le risque d'un investissement massif dans la défense à un moment où les menaces diminuent, où l'Europe reste complètement dépendante des États-Unis et dans un contexte où une politique de neutralité effective pourrait être imposée par le désarmement structurel. Il est possible que des menaces qui pèsent sur les intérêts européens ne trouvent pas d'échos et d'appui de la part du gouvernement des États-Unis. Les achats communs des pays membres présentent des avantages évidents en raison des coûts fixes élevés de la R&D et des effets de la courbe d'apprentissage associés aux armes. Les principaux problèmes à résoudre concernent les divergences de perception de l'intérêt national des Etats, des stratégies militaires très hétérogènes et des intérêts industriels en compétition.