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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...
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Abstract: Die neuen als auch die bisherigen Mitgliedstaaten der EU stehen vor großen Herausforderungen im Hinblick auf … Recht als notwendige Bedingung für eine auf Dauer erfolgreiche Europäische Währungsunion, deren Mitglieder die neuen EU … Nachhaltigkeit der Haushaltspolitik in den neuen EU-Staaten. Dabei kommt ein vielfältiges analytisches Instrumentarium zum Einsatz …
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A rational financial constitution of the EU should be able to fulfil redistributive objectives at minimum costs. The … and the pressure will increase to open new financial sources for the EU in form of a competence to issue debt and to …
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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...
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