Macroeconomic imbalances in Europe: institutional progress and the challenges that remain

References

• Ahearne, A. and Pisani-Ferry, J. (2006) The Euro: only for the agile, Bruegel Policy Brief No. 2006-01. Available at http://www.bruegel.org (accessed 20 November 2013).
   Google Scholar
• Banca d’Italia. (2012) The Governor’s Concluding Remarks, Banca d’Italia, Rome.
   Google Scholar
• Barnes, S., Lawson, J. and Radzwill, A. (2012) Current account imbalances in the euro area: a comparative perspective, OECD Economic Department Working Papers 826, OECD, Paris.
   Google Scholar
• Bayoumi, T. and Masson, P. (1995) Fiscal flows in the US and Canada: lessons for monetary union in Europe, European Economic Review, 39, 253–74.
   Web of Science ®Google Scholar
• Brunila, A., Buti, M. and Franco, D. (Eds) (2001) The Stability and Growth Pact – the Architecture of Fiscal Policy in EMU, Palgrave, Basingstoke.
   Google Scholar
• Buti, M., Eijffinger, S. and Franco, D. (2003) Revisiting the stability and growth pact: grand design or internal adjustment?, CEPR Working Paper, 3692; European Commission Economic Papers, 180.
   Google Scholar
• Buti, M. and Sapir, A. (Eds) (1998) Economic Policy in EMU, Oxford University Press, Oxford.
   Google Scholar
• Cohen, B. (1993) Beyond EMU: the problem of sustainability, in The Political Economy of European Monetary Unification, Eichengreen, B. and Frieden, J. (Eds), Westview, Boulder, CO.
   Google Scholar
• Corsetti, G., Martin, P. and Pesenti, P. (2008) Varieties and imbalances: the extensive margins of the current account adjustment, CEPR Discussion Papers 6660, CEPR, Washington, DC.
   Google Scholar
• De Grauwe, P. (2011) European Monetary Union, in The New Palgrave Dictionary of Economics, Durlauf, S. N. and Blume, L. E. (Eds), Palgrave Macmillan. Online Edition.
   Google Scholar
• De Mooij, R. and Keen, M. (2012) Fiscal devaluation and fiscal consolidation: the VAT in troubled times. IMF Working Paper No. 12/85, IMF, Washington, DC.
   Google Scholar
• Dornbusch, R. (1997) Fiscal aspects of monetary integration, American Economic Review, 87, 221–3.
   Web of Science ®Google Scholar
• EEAG. (2013) The EEAG Report on European Economy, CESIfo Group, Munich.
   Google Scholar
• Eichengreen, B. (1996) EMU: an outsider’s perspective, Finlay-O’Brien Lecture, delivered at University College, Dublin.
   Google Scholar
• European Central Bank (2013) Financial Integration Report, European Central Bank, Frankfurt .
   Google Scholar
• European Commission (1989) Committee for the study of economic and monetary union, Report on Economic and Monetary Union in the European Community, April, European Commission, Bruxelles.
   Google Scholar
• European Commission (2006a) Adjustment dynamics in the euro area: experiences and challenges, EC EU Economy Review, 6.
   Google Scholar
• European Commission (2006b) Assessment of the Stability Programme of Spain, European Commission, Brussels.
   Google Scholar
• European Commission (2007) Assessment of the Stability Programme of Ireland, European Commission, Brussels.
   Google Scholar
• Feldstein, M. (1997) The political economy of the european economic and monetary union: political sources of an economic liability, Journal of Economic Perspectives, 4, 23–42.
   Google Scholar
• Frenkel, J. and Rose, A. (2000) Estimating the effects of currency unions on trade and output, NBER Working Paper Series, 7857, NBER, Cambridge, MA.
   Google Scholar
• FSB and IMF (2012) The Financial Crisis and Information Gaps. Progress Report on the G-20 Data Gaps Initiative: Status, Action Plans, and Timetables, Financial Stability Forum and International Monetary Fund, Washington.
   Google Scholar
• Gavilán, A., Hernández de Cos, P., Jimeno, J. F. et al. (2011) Fiscal policy, structural reforms and external imbalances: a quantitative evaluation for Spain. Banco de España, Working Paper 1107, Banco de España, Madrid.
   Google Scholar
• IMF (2011) Fiscal Monitor, International Monetary Fund, Washington.
   Google Scholar
• Kopf, C. (2011) Restoring Financial Stability. CEPS Policy Briefs, Centre for European Policy Studies, Brussels.
   Google Scholar
• Lane, P. R. (2011) The Irish Crisis. IIIS Discussion Paper 356, Institute for International Integration Studies, Dublin.
   Google Scholar
• Lane, P. R. and Pels, B. (2012) Current account imbalances in Europe, IIIS Discussion Paper 397, Institute for International Integration Studies, Dublin.
   Google Scholar
• Münchau, W. (2010) This stability pact obsession is not helpful, Financial Times, 24 October.
   Google Scholar
• Nobili, A. and Zollino, F. (2012) A structural model for the housing and credit markets in Italy, Bank of Italy Working Paper 877, Bank of Italy, Rome.
   Google Scholar
• Obstfeld, M. (1997) Europe’s gamble, Brookings Papers on Economic Activity, 2, 241–300.
   Google Scholar
• Sala-i-Martin, X. and Sachs, J. (1991) Fiscal federalism and optimum currency areas: evidence from Europe from the United States, NBER Working Paper Series, 3855, NBER, Cambridge, MA.
   Google Scholar
• Schwartz, A. (2001) Assessing the euro: three years after its launch, Federal Reserve Bank of Minneapolis, the Region, 14–16.
   Google Scholar
• Van Rampuy, H. (2012) Towards a genuine Economic and Monetary Union. Report by President Herman Van Rompuy in close collaboration with the Presidents of the European Commission, Eurogroup and European Central Bank, European Council, December.
   Google Scholar
• Willet, T. D. (2000) Some political economy aspects of EMU, Journal of Policy Modelling, 23, 379–89.
   Google Scholar