Many observers consider the German ?debt brake? beyond criticism. In the current crisis, many European countries have difficulties refinancing their budgets, while the German Treasury?s funding conditions are most favourable. The ?fiscal compact?s? call for the introduction of German-style ?debt...

In June 2012 European Council launched the banking union as a new project expected to contribute to solve the euro area crisis. Is banking union a necessary supplement to monetary union or a new rush forward? A banking union would break the link between the sovereign debt crisis and the banking...