What policies should be pursued by, first, the peripheral countries, like Greece and Eastern Europe, and, second, by the median countries, like Spain, to qualify for monetary union? How should the core countries coordinate their fiscal policies once in a monetary union? This book considers the widening and deepening process of European integration and is based on work carried out for DG II of the European Commission in 1992-05. The conclusions reached for the median countries were endorsed by the finance ministers in Verona in 1996.

A Washington Post Notable Nonfiction Book for 2011 With the British Industrial Revolution, part of the world's population started to experience extraordinary economic growth—leading to enormous gaps in wealth and living standards between the industrialized West and the rest of the world. This pattern of divergence reversed after World War II, and now we are midway through a century of high and accelerating growth in the developing world and a new convergence with the advanced countries—a trend that is set to reshape the world. Michael Spence, winner of the Nobel Prize in Economic Sciences, explains what happened to cause this dramatic shift in the prospects of the five billion people who live in developing countries. The growth rates are extraordinary, and continuing them presents unprecedented challenges in governance, international coordination, and ecological sustainability. The implications for those living in the advanced countries are great but little understood. Spence clearly and boldly describes what's at stake for all of us as he looks ahead to how the global economy will develop over the next fifty years. The Next Convergence is certain to spark a heated debate how best to move forward in the post-crisis period and reset the balance between national and international economic interests, and short-term fixes and long-term sustainability.

What policies should be pursued by, first, the peripheral countries, like Greece and Eastern Europe, and, second, by the median countries, like Spain, to qualify for monetary union? How should the core countries coordinate their fiscal policies once in a monetary union? This book considers the widening and deepening process of European integration and is based on work carried out for DG II of the European Commission in 1992-05. The conclusions reached for the median countries were endorsed by the finance ministers in Verona in 1996.

We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.

Widening economic and social gaps among EU member states, as well as among different groups and categories of citizens within society, are not only placing in jeopardy the future of Social Europe but threatening to undermine also the whole project of European integration. The post-2008 recession and debt crisis, helped along by EU leaders’ obstinate clinging to the failing remedies of fiscal austerity, have accelerated the disenchantment of millions of European citizens with the half-century-old project to build and consolidate a European Union. This is one of the most striking conclusions of the ETUI’s Benchmarking Working Europe report for 2013. Benchmarking Working Europe is one of the ETUI’s regularly appearing flagship publications. Issued annually since 2002, the report offers an alternative perspective on EU developments. Using publicly accessible data, it reveals what is actually going on behind the EU social and economic affairs headlines. After last year’s issue focused on growing inequality in Europe, this year’s Benchmarking Working Europe report will demonstrate by means of hard-hitting graphs and cogent arguments that Europe is, rather than converging, actually drifting apart in numerous respects.

Learn more about the transitional economies of Central and Eastern Europe! This book examines the economic dynamics of Central and Eastern European post-Communist countries. It illuminates the paths these countries are taking toward restructuring their markets, increasing international trade, and bettering their connections with the European Union and other countries. Beginning with a comparative analysis of the three P-governmentsPigouvian, Partizan, and Paternalisticand continuing with a discussion of the interrelated political and economic difficulties of transition, author Bruno Sergi proposes a surprising solution. Inspired by the Bruxelles consensus, he proposes that the European Commission should become a fourth P-government, replacing the role formerly played by the Washington consensus in the restructuring of post-Communist economies. Economic Dynamics in Transitional Economies also explores: regional comparative macroeconomics the aftereffects of the Washington Consensus integration of Eastern and Western European economies interrelations between national and regional monetary activity political and economic policy reform involvement of European Union member countries We are living in historic times, and Economic Dynamics in Transitional Economies will be a welcome guide to the rough roads ahead. This thorough assessment of current political and economic realities will stimulate debate about new European paradigms, the role of the European Union, and the difficulties of post-Communist transition. These issues promise to be vital to the region’s success in the new century.

While the discussions among Brexiters mainly focus on the referendum of 2016 or David Cameron’s “great miscalculation” and its repercussions, this book looks at the Brexit as a process that began decades earlier. It analyses EU-UK relations from a new perspective, taking into consideration the historical background, political aspects, and legal and economic matters. The book provides a holistic understanding of the Brexit, approaching the referendum and its outcomes as the culmination of a long process rather than an isolated political event crafted within the corridors of Westminster or Downing Street 10. Accordingly, it addresses a range of thematic issues, historical patterns of political and economic behavior both within and beyond the United Kingdom, and possible future effects on relations between the Union and one of its most important members.