BRUSSELS

This report presents the findings and recommendations of the CEPS Macroeconomic Policy Group (MPG), a select body of highly respected economists who have undertaken to carry out independent, in-depth research on current developments in the European economy. CEPS gratefully acknowledges financial support from Deutsche Bank, London and Tudor Investments for the work of the MPG. The views expressed in this report are those of the authors writing in a personal capacity and do not necessarily reflect those of CEPS or any other institution with which the members are associated