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Erez Aiden, Jean-Baptiste Michel, and Coyle Diane

This chapter discusses the story of European integration in what is known as the European Union. The decision in 1951 by six European nations to pool coal and steel production under a common authority—the European Coal and Steel Community—marked the beginning of European integration. French statesman and political visionary Robert Schuman proposed the coal and steel community in 1950. The chapter also highlights that the 28-member European Union, built around common policies and shared institutions, has proved robust to many challenges and has accommodated great change used by 18 countries. The European Union was also awarded the 2012 Nobel Peace Prize. The study shows that the 2008 global financial crisis laid bare fault lines, exposing tensions between EU members and stresses and gaps in institutions and policies that Europe’s political leaders are working hard to address. The IMF’s chief for Europe argues that what Europe needs is more integration, not less.

Ms. Yan M Sun, Ms. Pritha Mitra, and Mr. Alejandro Simone
This paper studies the factors behind pro-cyclical but widely varying construction shares (as a percent of GDP) across countries, with a strong focus on European countries. Using a dataset covering 48 countries (including advanced and emerging economies within and outside Europe) for 1990-2011, we find that country’s geography, demographics, and economic conditions are the key determinants of a norm around which actual construction shares revolve in a simple AR(1) and error-correction process. The empirical results show that in many European countries, construction shares overshoot relative to their norms before the recent global crisis, but they have fallen significantly since the crisis. Nevertheless, there is still room for further adjustment in construction shares in some countries which may weigh on economic recovery.