budget orthodoxy. The issue at stake is not only of political economy and institutional changes in the EU. It is also of …, the relationships between real interest rates, productivity and growth were not addressed.Albeit with a long recognition …The suspension of the fiscal rules in Europe and the enactment of NGEU provide an opportunity to rethink the inherited …

approach 100% on average. There are various calls to abolish or soften the Maastricht rules of limiting sovereign debt. We see … the risk of a new sovereign debt crisis in this decade if it is not possible to bring public debt down to an acceptable … level. Our new fiscal rule would be suitable and appropriate for this purpose, because obviously the Maastricht criteria …

In this paper, we show and discuss why the Liberian economy is not yet ready to join the Eco currency union. We … fully understand the risk factors that will hinder the growth and prospects of the economy as a result of not catching … domestic product (GDP), in comparison to the 70% criterion set by ECOWAS, there are other economic indicators or criteria such …

-44 Straubhaar, T.; Weinert, G.: Deutschland und der Euro : die Bedeutung des einheitlichen Währungsraumes. - S. 45-72 Schulz … Deutschland? Eine ehrliche Kosten-Nutzen-Rechnung. - S. 93-114 Diedrichs, U.: Deutschland in der EU und in der Welt : von den … Kosten und Nutzen einer europäisierten Außenpolitik. - S. 115-134 Wessels, W.: Deutsche Europapolitik - Strategien für einen …

architecture of EMU would raise the question of Stackelberg leadership in a potentially damaging and unstable monetary …-budgetary game. (The ECB is not the Bundesbank). As there is no fiscal union, an ultimate choice between excessive ECB ease to help … the weakest country or default by one country appears possible …

This paper analyses the problem faced by CEECs wishing to join the Euro who must hit both an inflation and exchange … appreciating nominal exchange rate, or a combination of the two, which makes it difficult to simultaneously satisfy the exchange … rate and inflation criteria. The authorities can use their monetary policy to hit one criterion, but must essentially just …

Following their EU accession, the new member countries from Central and Eastern Europe (CEE) must achieve sustainable … price stability as one of the pre-conditions for joining the Economic and Monetary Union (EMU) and adopting the euro. This … convergence in inflation rates between CEE and the EMU benchmark as well as within the CEE sample. Over the entire sample period …

comparative study between the “experiment group” (the euro area) and the “control group” (non-euro industrial countries). We find … implication for the euro area, especially for the new member countries, as their exchange rate pass-through would not remain … constant or purely exogenous; it should also converge to the euro area average as they work to achieve the Maastricht Criteria …

analysis and using panel data estimation techniques, it is possible to detect any significant influence (favourable or not) of … encouraging higher growth and employment. It is now largely accepted that the Maastricht norms and the Stability Pact have imposed … economies. An interesting issue to examine is how the Maastricht obligations and the Stability Pact restrictions have affected …

without ECP guarantees: either the country does not need the guarantee any longer, or it is willing to default. In the latter …Current developments in Greece make clear that the rules of the European Stability and Growth Pact (SGP) were neither … strict enough nor enforced strictly enough. To deal with the ongoing fiscal exit and its related phenomena of crisis, we …