This paper investigates the relation between growth forecast errors and planned fiscal consolidation during the crisis. The authors find that, in advanced economies, stronger planned fiscal consolidation has been associated with lower growth than expected, with the relation being particularly strong, both statistically and economically, early in the crisis. A natural interpretation is [...]
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Posted on January 9th, 2013
Posted on January 8th, 2013
Highlights in this issue: Focus: Assessing the dynamics of house prices in the euro area Posted on December 19th, 2012
The European Commission has presented an Action Plan for a more effective EU response to tax evasion and avoidance. It sets out a comprehensive set of measures, for now and for the future, to help Member States protect their tax bases and recapture billions of euros legitimately due. The first Recommendation foresees [...] Posted on December 17th, 2012
The establishment of the Single Supervisory Mechanism is only one step on a longer path towards European banking union, which itself cannot be considered in isolation from the challenges of fiscal union and political union. Losing the current momentum for the completion of this early step would be unfortunate, not only in itself [...] Posted on December 17th, 2012
Rampant international corporate tax abuse means it is now beyond doubt that many of the governing principles underpinning international tax are fundamentally flawed. In the face of rising public anger, governments are promising to fix the problems, but their proposals so far involve trying to patch up an outdated international system that is beyond [...] 152 pages
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