With the spectre of a recession looming in the eurozone (and elsewhere), the policy question arises as to how much leeway do the fiscal authorities in the eurozone have to follow counter-cyclical fiscal policies aimed at providing some stimulus to the economy.

By introducing wealth preference to a dynamic macroeconomic model, instead of those market distortions, we can deal with the secular deficiency of aggregate demand and a discrepancy between flow and stock variables.

Among the various means of public financing, public debt is a significant as well as controversial instrument. Previous economic research has mainly focused on different politico-economic explanations for the continuous increase in public debt in many countries during the last decades. However,...

The system of unemployment insurance (UI) used in the United States has often been cited as a model for Europe. The American model illustrates that it is possible to create and maintain a UI system based on federal-state co-financing that intensifies during economic crises and thus reinforces...

Europe appears to be on a quest for so-called ‘European champions’. These firms have become a symbol and measure for European competitiveness. To date, we know little about which firms would qualify as European champions and how they affect and are affected by the single market. In this...

While the US has pulled out of the Paris Climate Agreement, the European Union is stepping up its efforts to meet the terms of the accord. The EU has set climate targets in order to reduce global greenhouse gas emissions by 2050 and keep the average global temperature increase below two degree...

Industry, and in particular the energy-intensive extraction and production of basic materials such as chemicals, cement, steel, non-ferrous metals, ceramics, and so on, is responsible for approximately 50% of global greenhouse gas emissions. If EU industry makes a successful low-carbon...

The low-carbon transition, for example in line with the European Commission’s proposed Long-Term Strategy1 net-zero2 target by 2050 or the Commission President-elect ‘climate neutrality’ objective, will require a very large increase in electricity, especially for low-carbon solutions in...