Saving the Euro: A Pyrrhic Victory?
Crafts, Nicholas. The survival of the euro has entailed a lengthy recession and has left an ominous legacy of public debt, but the fundamental flaws in its original design have not been corrected. In the 1930s the collapse of the Gold Standard was an integral part of the recovery process from the Great Depression, but […]
Moving closer? Changing patterns of labour mobility in Europe and the US
Mai Dao, Davide Furceri, Prakash Loungani. Labour mobility is one of the keys to a successful currency union – be it within or across nations. This column discusses new evidence showing that the shock-absorbing role of migration has increased in Europe and declined in the US. During the Great Recession, European migration remained high – […]