OSCAR AFONSO Assistant Professor in Economics, Faculty of Economics, University of Porto, Portugal RUI HENRIQUE ALVES Invited Lecturer, Faculty of Economics, University of Porto, Portugal M JESUS ARROYO FERNANDEZ Associate Professor of Economics (with Tenure), Universidad CEU San Pablo, Madrid, Spain JEROME CREEL Deputy Director, Observatoire Francais des Conjonctures Economiques (OFCE, Sciences Po), Paris since 2003; Professor of Economics, ESCP-EAP European School of Management TERESA GARCIA DEL VALLE Associate Professor of Statistics, University of the Basque Country, Bilbao, Spain GUY J. GILBERT Full Professor of Economics, Ecole Normale Superieure at Cachan; Member, Centre d'Economie de la Sorbonne-Paris I University CARMEN GOMEZ Lecturer in Economics, University of the Basque Country, Bilbao, Spain THIERRY MADIES Full Professor of Economics, University of Fribourg, Switzerland; Member, Council of Economic Analysis of the French Prime Minister CATHERINE MATHIEU Senior Economist, Analysis and Forecasting Department, OFCE (Observatoire francais des conjonctures economiques), Paris, France CARLO PANICO Professor of Economics, University of Naples 'Federico II', Italy GWENAELLE POILON Institut d'Etudes Politiques de Paris; Observatoire Francais de la Conjoncture Economique (OFCE) SABRINA ROSTAING-PARIS Lecturer, University of Bordeaux 4, France HENRI STERDYNIAK Head, Economics of Globalisation Department, OFCE(Observatoire francais des conjonctures economiques), Paris, France; Professor of Economics, University of Paris-Dauphine, France; Member, Steering Committee, AFSE (Association Francaise de Science Economique); Member, EUROFRAME (European network of economic institutes) JORGE UXO GONZALEZ Associate Professor of Economics, Universidad CEU San Pablo, Madrid, Spain MARTA VAZQUEZ SUAREZ Santiago University, Spain