The Spanish labor market is not working: the unemployment rate is structurally very high; wages are not very responsive to labor market conditions, causing a hi

Imbalances within the euro area have been a defining feature of the crisis. This paper provides a critical analysis of the ongoing rebalancing of euro area “d

The recovery in Europe continues, supported by strong policy action to contain sovereign debt problems in the euro area. In advanced Europe, lingering uncertain

This paper argues that the sharp increase in unemployment in a number of advanced countries during the Great Recession was not just cyclical (the result of a la

Spain’s economy is facing severe challenges. Financial market tensions increased sharply in the wake of the Greek crisis. Policy should focus on rebalancing o