This book is a critical review of current fiscal and monetary policy in Europe and presents results of both empirical research and a discussion of the theoretical framework behind the policy of the ECB and the Stability and Growth Pact. Macroeconomic policy is often hotly debated within the EU. However, the majority of policy discussions have started from a shared view of how the economy works. This shared neo-classical view is also known as the `Brussels-Frankfurt consensus'. According to that consensus, European labour markets are too rigid in comparison to the US labour market. Hence, the prevalent view is that the European unemployment problem can be solved by increasing incentives; improving the returns on schooling and redefining the role and the necessity of labour market institutions. In this volume the authors argue that it is not at all clear which institutions cause labour market rigidities and to what extent. They note that the problem of unemployment requires a much...

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