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This article is referred to the general direction of the economic policy adopted by the member states in year 1999. It is considered in the mixture of measures mainly aimed at contributing to growth, employment and stability, on the basis of a monetary policy. These policies, that are referred in the article, are aimed at a preserved price stability, according to the convention, continuous efforts to get individual budgets balanced or with surpluses in a medium-term perspective, whilst, at the same time, the developments in the labor markets and salaries will be consistent with the objective for price stability and increased employment. ; peer-reviewed

This Policy Brief compares macroeconomic developments in France and Germany since the beginning of monetary union. Although the French economy has been growing slower than the German economy since the financial crisis, the two economies have grown at roughly the same rate since the beginning of monetary union. A comparison of the two labour markets also provides a more complex picture than commonly assumed: France has a much higher unemployment rate than Germany, but the volume of work (total hours worked) has increased more since the beginning of monetary union than in Germany. Finally, it is noticeable that domestic demand in Germany has slowed growth for a long time while it played a significant role in France. This changed only in the recent upswing after the financial crisis. This upswing in Germany has also been much more balanced than before. From a pan-European perspective, it is important that the labour market reforms of the Macron government maintain the balance of power in the French labour market. In Germany, on the other hand, the path taken by more expansionary fiscal and wage policy should be systematically continued in order to bring the inflation path back to the ECB's target. ; Der Policy Brief vergleicht die makroökonomischen Entwicklungen Frankreichs und Deutschlands seit Beginn der Währungsunion. Zwar wächst die französische Volkswirtschaft seit der Finanzmarktkrise schwächer als die deutsche, aber seit dem Beginn der Währungsunion sind die beiden Volkswirtschaften bis heute in etwa gleich stark gewachsen. Auch ein Vergleich der beiden Arbeitsmärkte liefert ein komplexeres Bild als gemeinhin angenommen: So hat Frankreich zwar eine deutlich höhere Arbeitslosenquote als Deutschland, aber das Arbeitsvolumen (gearbeitete Stunden) ist dort seit Beginn der Währungsunion stärker gestiegen als in Deutschland. Schließlich fällt auf, dass die inländische Nachfrage in Deutschland über lange Zeit bremsend auf das Wachstum wirkte, während sie in Frankreich eine bedeutende Rolle spielte. Dies änderte sich erst im jüngsten Aufschwung nach der Finanzkrise. Inzwischen ist auch dieser Aufschwung in Deutschland deutlich balancierter als zuvor. Aus gesamteuropäischer Sicht ist es nun von Bedeutung, dass die Arbeitsmarktreformen der Regierung Macron die Machtbalance auf dem französischen Arbeitsmarkt erhalten. In Deutschland sollte hingegen der eingeschlagene Weg expansiverer Fiskal- und Lohnpolitik konsequent fortgesetzt werden, um den Inflationspfad zurück auf die Ziellinie der EZB zu bringen.

We study the conditions under which unconventional (balance-sheet) monetary policy can rule out self-fulfilling sovereign default in a model with optimizing but discretionary scale and monetary policymakers. When purchasing sovereign debt, the central bank effectively swaps risky government paper for monetary liabilities only exposed to inflation risk, thus yielding a lower interest rate. As central bank purchases reduce the (ex ante) costs of debt, we characterize a critical threshold beyond which, absent fundamental fiscal stress, the government strictly prefers primary surplus adjustment to default. Because default may still occur for fundamental reasons, however, the central bank faces the risk of losses on sovereign debt holdings, which may generate inefficient inflation. We show that these losses do not necessarily undermine the credibility of a backstop, nor the monetary authorities' ability to pursue its inflation objectives. Backstops are credible if either the central bank enjoys fiscal backing or fiscal authorities are sufficiently averse to inflation. ; The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

The author examines the main political questions raised by the birth of the Euro-zone on 1 January 1999, and argues for a more informed analysis and assessment of its nature, operation and prospects. He stresses the central role of the European Central Bank in the Euro-zone and explains the extent of the ECB's authority and power.

International audience ; This chapter examines the nature of the Boards of Appeal (BoAs) of EU financial agencies and the type of review they offer. It describes the different operation of the Joint Board of Appeal (JBoA) of the European Supervisory Authorities (ESA) and of the Appeal Panel (AP) of the Single Resolution Board (SRB). The chapter analyses their decisions, which are binding and which follow appeal procedures that need to be exhausted before a procedure may be started before the EU Courts. It provides a comparative analysis of the JBoA and the AP, and assesses their suitability in providing effective and swift remedy to individuals.

International audience ; This chapter examines the nature of the Boards of Appeal (BoAs) of EU financial agencies and the type of review they offer. It describes the different operation of the Joint Board of Appeal (JBoA) of the European Supervisory Authorities (ESA) and of the Appeal Panel (AP) of the Single Resolution Board (SRB). The chapter analyses their decisions, which are binding and which follow appeal procedures that need to be exhausted before a procedure may be started before the EU Courts. It provides a comparative analysis of the JBoA and the AP, and assesses their suitability in providing effective and swift remedy to individuals.

International audience ; This chapter examines the nature of the Boards of Appeal (BoAs) of EU financial agencies and the type of review they offer. It describes the different operation of the Joint Board of Appeal (JBoA) of the European Supervisory Authorities (ESA) and of the Appeal Panel (AP) of the Single Resolution Board (SRB). The chapter analyses their decisions, which are binding and which follow appeal procedures that need to be exhausted before a procedure may be started before the EU Courts. It provides a comparative analysis of the JBoA and the AP, and assesses their suitability in providing effective and swift remedy to individuals.

The evolution of meaning of integration is the natural development, good and normal for all states involved in this process, with the ultimate goal of increasing the welfare and living standards for their populations. The benefits of development should enjoy more numerous groups of people. Promoting collective responsibility for development to underpin social economy encumbered the common good must be the path to healthy development. The European construction sustainability must be based on assimilation integration spiritual values in people, as Europeans, to think, think, act, live and hope. If the results of integration are realized gradually and not immediately felt in every country, the confidence in integration gradually diminishes and the development process of each country is slowly but surely turning into a European Trojan horse. ; peer-reviewed

This paper estimates a medium-scale open economy DSGE model for Germany and therest of the Euro Area (REA). The parameter estimates indicate that there is a modestdegree of structural heterogeneity between Germany and the rest of the Euro Area. Inparticular, (i) the private sector in Germany tends to adjust its capital stock faster thanits counterpart in the REA, (ii) the innovations to government spending as well as thoseto the degree of competition in goods markets are relatively more volatile in Germanyand (iii) nominal prices and wages appear to be slightly more flexible in Germany thanin the REA. A comparison based on marginal likelihoods shows that the DSGE modelfits the observable macroeconomic time series similarly well as unrestricted BayesianVARs (BVARs) estimated on the same data set.

This paper reviews the causes of the ongoing crisis in the eurozone and the policies needed to restore stability in financial markets and reassure a bewildered public. Its main message is that the EU will not overcome the crisis until it has a comprehensive and convincing set of policies in place; able to address simultaneously budgetary discipline and the sovereign debt crisis, the banking crisis, adequate liquidity provision by the ECB and dismal growth.

Introduction -- Real, Monetary and Fiscal Integration in the European Union: A Prototype Model of European Integration - The Case of Austria -- Trade Agreements and Regional Disparities -- Strategic Macroeconomic Policies in a Monetary Union -- Determinants of Maximum Sustainable Government Debt -- The Long Italian Stagnation and the Welfare Effects of Outsourcing -- Economic Growth, Technological Change, and Climate Policy: Status, Wealth Distribution, and Endogenous Economic Growth -- Technological Change in Information and Communication - Consequences for Science -- Elements of the Economics of the Very-Long Term - Functionalities, Structures, Mechanisms and Institutions -- Is There a First-Mover Advantage in the International Climate Policy?- Environmental Policy in an Open Economy: Refocusing Climate Policy to Address International Trade Spillover.