The decision of the UK to leave the EU has given rise to a fundamental debate about the future of political and economic integration in Europe. In this debate the concept of a multi-speed Europe is finding increasing support. But a multi-speed Europe suggests that all countries are heading in...

Economic performance in the euro area has been very heterogeneous since 2010. Intra euro-area real exchange rates, however, have not adjusted very much during the last six years. This is arguably a major cause of the euro area's current woes. Yet, to date, there is no consensus as to why there...