BRUSSELS

This report presents the findings and recommendations of the CEPS Macroeconomic Policy Group (MPG) for the year 2003-04. The MPG is a select body of highly respected economists who have undertaken to carry out independent, in-depth research on current developments in the European economy and to publish their findings in an annual report. CEPS gratefully acknowledges financial support from Deutsche Bank, London 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 o