The paper provides a narrative of euro area fiscal policy changes since 1997, the year when Maastricht criteria were met for inception of the euro. Changes in the budget balance are decomposed into a discretionary component, a cyclical component and a net residual, with each component broken dow...
Based on a study conducted by a private consultant, this paper sheds light on a large selection of public assets across the EU and compares their management practices. The paper shows that these assets amount to around €16.5 trillion in 2015, of which 60% are non-financial assets while the rest ...
Between 2002 and 2008 the Cypriot economy grew at an annual average rate of about 3½% in real terms, significantly above the euro area. In parallel, total tax receipts increased on average at 11% per year, leading to an average annual elasticity with respect to GDP of about 1½. This increase in ...
