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With its public debt amounting to 132.1% of GDP and its negative productivity growth over the last twentyyears, Italy appears to be the sick man of the European Union. In this Policy brief, we focus on its two mainplights: high public debt burden on the one hand, sluggish GDP and productivity growth on the other hand.Both issues are intimately related: a slow growth limits the budgetary margins and casts doubts on publicdebt sustainability; the reduced fiscal space in turn weighs on growth and public investment.The first part is dedicated to describing the history and causes of Italian public debt. A first phase, from the1960s to the 1980s, was characterized by a positive but moderate growth of debt. A second phase saw theexplosion of public debt, from 54% of GDP in 1980 to roughly 117% in 1994. The budget law of theAmato's government in 1992 initiated a third phase, marked by a significant fiscal consolidation effort, andthe decrease of the public debt to GDP ratio. The Great Recession interrupted this consolidation era and alast phase began from 2008 on, when the public debt-to-GDP ratio consequently increased. In the secondpart, we review some of the structural weaknesses of the Italian economy. We notably emphasize thespecialization bias towards low tech sectors, the "nanism" of Italian firms, the misallocation of talents andresources, the North-South divide and its related labor market consequences.We conclude with four policy recommendations for a revival of growth in Italy. Our first proposal istechnical and proposes a new European fiscal golden rule which would remove specific public investmentsfrom the computation of structural primary balance. Our second and third proposals are related to theregulation of the labor market, with the introduction of a minimum wage on the one hand, and thefacilitation of retraining policies on the other hand. Last, we call for a revival of industrial policies in order tofoster knowledge accumulation and firm learning. Our view is that Italy's fate is inextricably related ...

Human rights violations by international organisations (IOs) are a possible side effect of their growing authority. Recent examples are the cases of sexual exploitation by UN peacekeepers and violations caused by IMF austerity measures. In response, IOs increasingly develop safeguards to protect human rights from being violated through their policies to regain legitimacy. We argue that this development can be accounted for by a mechanism we call 'authority-legitimation mechanism'. We test this theoretical expectation against ten case studies on UN and EU sanctions policies, UN and NATO peacekeeping and World Bank and IMF lending. Next, we demonstrate inductively that the authority-legitimation mechanism can evolve through different pathways, depending on which actors get engaged. We label these pathways legislative institution-building if parliaments in member states put pressure on their governments to campaign for human rights safeguards in IOs, judicial institution-building if courts demand human rights safeguards, like-minded institution-building if civil society organisations, middle powers and IO bodies with little formal power push for human rights safeguards, or anticipatory institution-building if IOs adopt such safeguards from other IOs without having violated human rights themselves. Finally, we argue that which of these pathways are activated and how effective they are depends on specific conditions.

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Books reviewed in this articles:Altshuler, Alan, Martin Anderson, Daniel Jones, Daniel Roos, and James Womach, The Future of the Automobile: the Report of MIT's International Automobile ProgramBenner, Jeffrey, Structure of Decision: The Indian Foreign Policy BureaucracyBerry, Jeffrey M., Feeding Hungry People: Rulemaking in the Food Stamp ProgramBertsch, Kenneth A., and Linda S. Shaw, The Nuclear Weapons IndustryBhide, Amar, Of Politics and Economic Reality: The Art of Winning Elections with Sound Economic PoliciesBinkin, Martin, America's Volunteer Military: Progress and ProspectsBrown, Lawrence D., James W. Fossett, and Kenneth T. Palmer, The Changing Politics of Federal GrantsBrowning, Rufus P., Dale Rogers Marshall, and David H. Tabb, Protest is Not Enough; The Struggle of Blacks and Hispanics for Equality in Urban PoliticsChristie, Renfrew, Electricity, Industry and Class in South AfricaDilworth, Mary E. with V. Y‐Tessa Perry, Teachers' Totter: A Report on Teacher Certification IssuesFlammang, Janet A. (ed.), Political Women: Current Roles in State and Local GovernmentFloyd, Robert H., Clive S. Gray, and R.P. Short, Public Enterprise in Mixed Economies; Some Macroeconomic AspectsGere, Edwin A. Jr., Modernizing Local Government in Massachusetts; The Quest for Professionalism and ReformGodson, Roy, Labor in Soviet Global StrategyHargrove, Erwin C., and Samuel A. Morely (eds.), The President and the Council of Economic Advisers: Interviews with CEA ChairmenHargrove, Erwin C., and Michael Nelson, Presidents, Politics, and PolicyHess, Stephen, The Government/Press Connection: Press Officers and Their OfficesHewitt, Ed A., Energy, Economics, and Foreign Policy in the Soviet UnionHills, Jill, Information Technology and Industrial PolicyHolzer, Marc, and Stuart S. Nagel (eds.), Productivity and Public PolicyIppolito, Dennis S., Hidden Spending; the Politics of Federal Credit ProgramsIrwin, Manley Rutherford, Telecommunications America; Markets Without BoundariesJain, R.K. (ed.), China and Thailand, 1949–1983Johansen, Elaine, Comparable Worth: The Myth and the MovementJohnson, Chalmers (ed.), The Industrial Policy DebateJohnson, Loch K., The Making of International Agreements; Congress Confronts the ExecutiveKlein, Ethel, Gender Politics: From Consciousness to Mass Politics (Cambridge, MA: Harvard University Press, 1984), x + 209 pp.; ISBN 0‐674‐34196‐1, $16.50 hardcover.Klinger, Donald E., and John Nalbandian, Public Personnel Management: Contexts and StrategiesKronish, Rich, and Kenneth S. Mericle (eds.), The Political Economy of the Latin American Motor Vehicle IndustryLandsman, Stephan, The Adversary System: A Description and DefenseLogue, Dennis E., and Richard J. 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Timothy Johnson, and Youssef Cohen, Births, Deaths, and Taxes; The Demographic and Political TransitionsPalen, J. John, and Bruce London (eds.), Gentrification, Displacement and Neighborhood RevitalizationPearlman, Michael, To Make Democracy Safe for America; Patricians and Preparedness in the Progressive EraPearton, Maurice, Diplomacy, War and Technology Since 1830Perry, Ronald W., and Alvin H. Mushkatel, Disaster Management: Warning Response and Community RelocationPorter, Paul R., and David C. Sweet (eds.), Rebuildng America's Cities: Roads to RecoveryPreston, Michael B., The Politics of Bureaucratic Reform; The Case of the California State Employment ServiceSarkesian, Sam C. (ed.), Presidential Leadership and National Security: Style, Institutions, and PoliticsSchweitzer, Carl‐Christoph, Detlev Karsten, Robert Spencer, R. Taylor Cole, Donald Kommers, and Anthony Nicholls (eds.), Politics and Government in the Federal Republic of Germany; Basic DocumentsSmith, Bruce L.R. (ed.), The Higher Civil Service in Europe and Canada: Lessons for the United StatesSmith, Steven S., and Christopher J. Deering, Committees in CongressTanzi, Vito (ed.), Taxation, Inflation, and Interest RatesVig, Norman J. and Michael E. Kraft (eds.), Environmental Policy in the 1980s: Reagan's New AgendaWeintraub, Sidney, Free Trade between Mexico and the United States?Wireman, Peggy, Urban Neighborhoods, Networks, and Families: New Forms for Old ValuesWoolley, James T., Monetary Politics: The Federal Reserve and the Politics of Monetary PolicyYager, Joseph A. with Shelley M. Matsuba, The Energy Balance in Northeast Asia

While in J. Buchanan clubs theory, the decentralized governments should supply only public goods suited to their spatial dimension, for G. Tullock the decentralization should prevail over spatial dimension of the public goods to broaden individuals" control on government. For A. Peacock too, devolution responds to the demand of participation against the irrelevance of the individuals in centralization, but an extended "dispersive revolution" might increase rather than decrease the "government failures". Under Coase theory of the firm, applied to the government as firm, contracting out is limited by the cost of the deterioration of the power control. We here, therefore, investigates the impact of the quantitative dimension of fiscal decentralization on the political robustness of the considered states in term of fragility, for 10 European Union (EU) ex-communist countries, over the period 1995-2012, by a panel-model approach. The main results show that between state fragility and fiscal decentralization there is a relationship with inverted-U and U shapes, analogous to the BARS (Barro, Armey, Rahn, and Scully) curve relating the government size to GDP growth. Fragility is low under reduced revenues inequality and inflation rate, and rises when the urbanization and democratization decrease, under given level of political rights. The relation between the fragility curve and the BARS curve may need further research. The relation between the fragility curve and the BARS curve may need further research.

In this work we discuss the research findings from the labour-augmented Schumpeter meeting Keynes (K+S) agent-based model. It comprises comparative dynamics experiments on an artificial economy populated by heterogeneous, interacting agents, as workers, firms, banks and the government. The exercises are characterised by different degrees of labour flexibility, or by institutional shocks entailing labour market structural reforms, wherein the phenomenon of hysteresis is endogenous and pervasive. The K+S model constitutes a laboratory to evaluate the effects of new institutional arrangements as active/passive labour market policies, and fiscal austerity. In this perspective, the model allows mimicking many of the customary policy responses which the European Union and many Latin American countries have embraced in reaction to the recent economic crises. The obtained results seem to indicate, however, that most of the proposed policies are likely inadequate to tackle the short-term crises consequences, and even risk demoting the long-run economic prospects. More objectively, the conclusions offer a possible explanation to the negative path traversed by economies like Brazil, where many of the mentioned policies were applied in a short period, and hint about some risks ahead.

In this work we discuss the research findings from the labour-augmented Schumpeter meeting Keynes (K+S) agent-based model. It comprises comparative dynamics experiments on an artificial economy populated by heterogeneous, interacting agents, as workers, firms, banks and the government. The exercises are characterised by different degrees of labour flexibility, or by institutional shocks entailing labour market structural reforms, wherein the phenomenon of hysteresis is endogenous and pervasive. The K+S model constitutes a laboratory to evaluate the effects of new institutional arrangements as active/passive labour market policies, and fiscal austerity. In this perspective, the model allows mimicking many of the customary policy responses which the European Union and many Latin American countries have embraced in reaction to the recent economic crises. The obtained results seem to indicate, however, that most of the proposed policies are likely inadequate to tackle the short-term crises consequences, and even risk demoting the long-run economic prospects. More objectively, the conclusions offer a possible explanation to the negative path traversed by economies like Brazil, where many of the mentioned policies were applied in a short period, and hint about some risks ahead.

In its new special issue on the economies of Central, East and Southeast Europe, The Vienna Institute for International Economic Studies (wiiw) analyses the current economic situation in the region as well as development prospects for 2005 and 2006, presenting revised forecasts based on results for the first months of 2005. Brief surveys of the individual countries are added (covering Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Macedonia, Poland, the Slovak Republic, Slovenia, Serbia and Montenegro, Romania, Russia, Turkey, Ukraine, and China). A short analysis of the ongoing dispute related to the EU budget 2007-2013 as well as an annex with selected indicators of competitiveness and projections of per capita GDP until 2015 are attached. The high growth recorded in 2004 has been generally slowing down in the first months of 2005. The average GDP growth rate for the eight new EU member states (NMS) in the first quarter of 2005 dropped by 2.5 percentage points (to 3.3%), compounded by a marked deterioration of growth in Poland. The growth slowdown is associated with a slow expansion of gross fixed investment; massive declines in the rates of growth of industrial production; quite an abrupt deterioration in industrial labour productivity; and real currency appreciation and a resulting strong rise in unit labour costs. Despite this (and despite growth being weaker than expected in the euro zone), NMS foreign trade continues to perform excellently. Foreign trade has been even more instrumental in generating GDP growth in the first quarter of 2005 than in the past. It should be pointed out, however, that NMS trade with the 'old' EU has grown at a relatively slower pace. The first quarter results confirm our previous assessment of the medium-term prospects in the NMS. GDP growth will generally decelerate to below 4% on average in 2005; it will most probably not accelerate too much in 2006. Given the relatively poor economic performance in the euro zone, there is little that the otherwise constrained fiscal or monetary policies in the NMS can do to change this situation. Much more will depend on the corporate sector's willingness to invest. Growth in 2005 is also slowing down in Southeast Europe - particularly among the region's largest economies Turkey, Romania, Croatia and Serbia. Fiscal consolidation and increasing trade deficits will thus hamper growth which over the biennium 2005-2006 will nonetheless range between 4 and 6%. Only in Croatia will growth be weaker. The prospects for further EU enlargements have taken a turn for the worse in the wake of the recent EU 'constitutional' and budget crises. That notwithstanding, the accession of Bulgaria and Romania is beyond dispute, possibly with a one-year delay. Despite high world market commodity prices, the robust growth in Russia may be a thing of the past. Already in 2004 investment growth was disappointing, reflecting high uncertainty and the deteriorating investment climate. Lagging reforms and huge structural imbalances blur the prospects for sustainable long-term growth. The stimulation of domestic demand through a fiscal relaxation will protract disinflation and induce real appreciation. This will be conducive to higher imports, a lower trade surplus and eventually to slower GDP growth. Following Ukraine's recent explosive growth, things are settling down somewhat, despite some fiscal relaxation. Currency appreciation has adversely affected the trade surplus, while the investment climate has been poisoned by rumours of re-nationalization and the lacklustre programme of the new government. China continues to register extremely rapid GDP growth, despite some slowdown in investment growth. Private consumption is picking up and net exports are rising faster than expected.

Il saggio si propone di esaminare le questioni sollevate dalla elettronificazione e digitalizzazione dei pagamenti al dettaglio secondo un approccio umanistico e gius-economico, attento alla più recente evoluzione del quadro giuridico europeo su sistemi di pagamento, valute virtuali e complementari. Il saggio, diviso in due parti, si occupa nella Parte I del concetto di valore negli scambi monetari prestando attenzione alla relazione concettuale, stabilita da Mangan nella sua produzione artistica, tra l'antica valuta dell'isola di Yap, il rai, in pietra, e la valuta virtuale del bitcoin. I rispettivi percorsi di produzione, consumo, circolazione e rivalutazione delle due monete sono correlati alla relazione tra valute locali/ complementari da un lato e valute globali/virtuali dall'altro, in modo da prestare attenzione a come il valore monetario originariamente"forgiato" attraverso il criterio (chiuso) dell'appartenenza ad una comunità cambi quando "ceduto" ad un mercato (aperto) dominato dalla tecnologia. Nella Parte II, il saggio esamina l'approccio dell'Unione Europea alla moneta e ai sistemi di pagamento, concentrandosi sulle principali caratteristiche dei sistemi "regolari" e quelli virtuali, concludendo che difficilmente il ricorso al bitcoin o ad altre valute virtuali può sciogliere i nodi della governance dei sistemi di pagamento tradizionali e dell'accesso al credito: la sostenibilità e la nuova crescita che le valute virtuali e globali promettono si scontra in concreto con i limiti persistenti degli attori umani. This paper aims at providing a response to the interrelated issues of electronification and digitization of payments combining a law, economics and humanities approach with a critical eye on the most recent evolution of European Union law on the matter of payment systems and complementary and digital currencies. To this objective, Part I investigates the concept of value in money exchanges through the conceptual relation in Mangan's artwork between the ancient Yapese currency, rai, in the form of stone money, and the contemporary crypto-currency of bitcoins. Their juxtaposed story of production, consumption and circulation, as well as of re-evaluation, will then be extended to the relation between localised/complementary, on the one side, and globalised/digital currencies, on the other side, to highlight how monetary value, originally "carved" via (closed) criteria of community belonging, changes when "sold" to an (open) market dominated by technology. Accordingly, Part II will later shed light over the regulatory approach to money and payments at the European level, focusing on the main features of the "regular" payment system and the bitcoin-like money systems, drawing the conclusions that the currency tokens based on permissionless blockchain can hardly change (and solve) issues of payment systems' governance and credit crunch, as if their sustainability, and the new growth that they promise, would be, in fact, subject to persistent and inescapable limits for human actors.

Economic performance of a country is generally being measured through GDP (Gross Domestic Product), a variable that has also become the de facto universal metric for standards of living. However, GDP does not properly account for social and environmental costs and benefits. It is also difficult to achieve sustainable decision-making aiming at sustainable progress and well-being if welfare is being considered from a purely financial point of view. The study highlights the benefits and some of the shortcomings of GDP. It serves as a helpful and practicable instrument for monetary and fiscal policies. The real problem presumably is that GDP growth is too often confused with (sustainable) welfare growth in people's minds. While there certainly is a correlation between the two, this study shows that this is a highly conditional correlation, void of substantial causality for GDP levels observable in the European Union. In order to be able to assess people's well-being and general sustainable development in the sense of sustainability, an alternative instrument going beyond GDP is necessary. Using so called SWOT analyses, several alternative progress indicators have been assessed in the context of this study. On the one hand it was analysed how far ecological and social factors can be integrated in the GDP measurements. Thereby difficulties arose then trying to monetise these factors. As a further possibility indicators were analysed which are to replace GDP as a whole. The category supplementing GDP seems to be the most realistic and acceptable option for going beyond GDP. Within this approach, GDP is being complemented with additional environmental and/or social information. In order to make this kind of solution feasible the study claims the establishment of an overarching and transparent indicator system for improving economic decision-making in support of sustainable development. ; Wirtschaftlicher Erfolg wird über das Bruttoinlandsprodukt (BIP) eines Landes definiert - eine Größe, die häufig auch als universeller Maßstab für den Lebensstandard gesehen wird. Allerdings erfasst das BIP keine sozialen und ökologischen Kosten- und Nutzen-Effekte. Zudem ist ein Hinsteuern auf Nachhaltige Entwicklung schwer möglich, wenn der Wohlstand allein nach finanztechnischen Gesichtspunkten definiert wird. Die Studie hebt Vorzüge wie Mängel des BIP heraus. Seine Einfachheit und Allgemeingültigkeit machten es zu einem praktikablen Instrument in der Währungs- und Finanzpolitik. Problematisch sei jedoch, dass das BIP von den meisten Menschen mit einem (nachhaltigen) Wachstum von Wohlstand verwechselt wird. Auch wenn es hier Zusammenhänge gibt, so bestehen diese - das hebt die Studie hervor - nur eingeschränkt. Gerade angesichts des BIP-Niveaus in den EU-Staaten besteht keinerlei grundsätzliche Abhängigkeit des generellen Wohlstandsniveaus vom BIP. Um Wohlfahrt und Entwicklung im Sinne von Nachhaltigkeit zu messen, muss demnach ein Instrument jenseits des BIP entwickelt werden. Mit Hilfe von SWOT-Analysen wurden im Rahmen der Studie mehrere alternative Indikatoren für Fortschritt im Sinne von Wohlfahrt analysiert. Zum einen wurde untersucht, inwieweit ökologische und soziale Faktoren in die Messung des BIP einbezogen werden könnten. Hierbei stellte es sich jedoch als Schwierigkeit heraus, diesen Faktoren einen monetären Wert beizumessen. Als weitere Möglichkeit wurden Indikatoren untersucht, die das BIP als Ganzes ersetzen sollen. Als sinnvollsten Weg macht die Studie aus, zusätzlich zum BIP ökologische und soziale Indikatoren einzuführen, die helfen, Informationen zusammenzuführen und sie zusätzlich in Beziehung zu den BIP-Zahlen zu setzen. Die Studie fordert die Einführung eines umfassenden und transparenten Systems von Indikatoren, um wirtschaftliche Entscheidungen im Einklang mit nachhaltiger Entwicklung zu fördern.