The fiscal governance of the EMU is in dire need of reform. Its current arrangements suff er from several shortcomings, most notably, the limitations they impose on national fiscal policies, steering them towards too restrictive or pro-cyclical stances; the absence of an unconditional lender of...

Starting from the view that the crises in the euro zone were basically triggered by financial markets and reinforced by a lack of instruments for effective economic policy at the EMU level (Economic and Monetary Union), this working paper contributes to the ongoing debate on how to reform the...

The fiscal governance of the EMU is in dire need of reform. Its current arrangements suff er from several shortcomings, most notably, the limitations they impose on national fiscal policies, steering them towards too restrictive or pro-cyclical stances; the absence of an unconditional lender of...

Um zu verhindern, dass die deutsche Wirtschaft immer tiefer in den Abwärtssog der globalen Rezession gezogen wird, muss die Finanzpolitik entschlossen gegensteuern. Das von der Bundesregierung beschlossene Maßnahmenbündel ist hierfür völlig unzureichend. Durch ein hoch dosiertes und...

The eurozone is often considered to be the brainchild of Robert Mundell, who has often bragged about his paternity. In reality, the Eurozone setup, most specifically the TARGET2 settlement system, has several characteristics that look alike the plan for an international currency union that...

The COVID-19 pandemic eventually gave rise to large increases in profits, profit shares and inflation rates. A major controversy has developed among economists and in the media about whether this was largely caused by profit inflation, that is, by increases in the percentage mark-ups set by...

Die auch in Deutschland trendmäßig gestiegene Einkommens- und Vermögensungleichheit führt zunehmend zu Forderungen nach steuerpolitischer Korrektur durch höhere Steuern für Wohlhabende und Vermögende. Solche Forderungen begegnen jedoch häufig dem Einwand, die höhere steuerliche...