Volume 48
January/February 2013 · Number 1

Editorial

• Banking Supervision in the Eurozone

  Dorothea Schäfer

Forum

• Austerity Measures in Crisis Countries – Results and Impact on Mid-term Development

  Ricardo Cabral, J. Ignacio Conde-Ruiz, Chiara Goretti, Niamh Hardiman, Lucio Landi, Carmen Marín, Vassilis Monastiriotis, Aidan Regan

Articles

• Potential Economic Variables and Actual Economic Policies in Europe

  Erik Klär

• SMEs in Services Trade – A GATS Perspective

  Rudolf Adlung, Marta Soprana

• Fiscal Divergence, Current Account Divergence and TARGET2 Imbalances in the EMU

  José Abad, Axel Löffler, Gunther Schnabl, Holger Zemanek

• Convergence in the Spanish and Portuguese NUTS 3 Regions: An Exploratory Spatial Approach

  Micaela Antunes, Miguel Viegas

Letter from America

• The Fiscal Cliff Crisis and the Real Economic Crisis in the United States

  Dean Baker