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The choice of currency denomination, indexation, and maturity structure of public debt is an increasingly important aspect of policy in a world of high debts and financially integrated markets. This book surveys theories and evidence on public debt composition and debt returns with the goal of emphasizing the main policy issues.

A team of experts on the European economy focuses on the three major issues of fiscal policy, monetary policy and labor markets in this collection. They provide a survey of recent research on each topic as well as related state-of-the-art contributions. The early years of European Monetary Union have not been easy for the European economy. Economists are divided in their assessment of the effectiveness of key institutions, such as the European Central Bank, and their ability to provide macroeconomic stability and foster the reforms necessary to stimulate economic growth.