US Growth Policies in the Election Year. Five Economic Challenges for the Next US President / Moreno Bertoldi -- The Multiplier, Sovereign Default Risk, and the US Budget: An Overview / William R. Cline -- Cyclical Policies, Structural Imbalances and Growth of the U.S. Economy / Dominick Salvatore -- Assessing the Impact of Labor Market Reforms. Short-Time Work Scheme and Unemployment Insurance Program Beneficiaries: The Analysis of Employment Outcomes / Giuseppe De Blasio, Leopoldo Mondauto, Maurizio Sorcioni -- Imbalances, Tensions and Possible Readjustments: Evidence from Intertemporal Accounting and the Financial Accounts -- In Need of Sectoral and Regional Rebalancing in the Euro Area: A Euro Area Sectoral Accounts (Flow-of-Funds) Perspective / Philippe de Rougemont -- Patterns in Financial Flows? A Longer-Term Perspective on Intersectoral Relationships / Daniele Fano, Giovanni Trovato. G20, Global Governance and Regional Integration. The Determinants of Macroeconomic Imbalances in the Euro Area: The Role of External Performances / Paolo Guerrieri, Piero Esposito -- The Group of Twenty: Origins, Prospects and Challenges for Global Governance / Homi Kharas, Domenico Lombardi -- Then and Now: European Trade, Payments, and Financial Regionalism in Historical Perspective / Juan Carlos Martinez Oliva -- What Is Wrong with the G20? / Ignazio Angeloni -- Multipliers, the Crisis and Beyond. Fiscal Multipliers and Public Debt Dynamics in Consolidations / Jocelyn Boussard, Francisco de Castro, Matteo Salto -- The Effects of Expenditure Shocks in Italy During Good and Bad Times / Francesco Caprioli, Sandro Momigliano -- EU Governance, Growth and the Eurozone Crisis. EMU in Crisis: What's Next? / Francesco Paolo Mongelli, Ad van Riet. Europe: Is Austerity Compatible with Endogenous Growth? / Luigi Paganetto, Pasquale Lucio Scandizzo -- Germans at the Crossroad: Preserve Their Socio-Economic Model or Save the Euro? / Luigi Bonatti, Andrea Fracasso -- The Austerity Debate / Carlo Cottarelli -- EMU Policy and Public Debt. The Sovereign Debt Crisis in Europe: How to Move from Bad to Good Equilibrium? / Pier Carlo Padoan, Urban Sila, Paul van den Noord -- Interest Rate Shock and Sustainability of Italy's Sovereign Debt / William R. Cline -- EMU Sovereign Spreads and Macroeconomic News / Daniela Arru, Davide Iacovoni, Libero Monteforte, Filippo Maria Pericoli -- Objectives and Instruments of Economic Policy in the Eurozone: How to Overcome the Crisis / Rainer Masera -- From Collapse to Constitution: The Case of Iceland / Thorvaldur Gylfason -- Policy Recommendations. Conclusive Intervention / Maurizio Melani.