In the current slowdown in Europe, the United States and Japan, policy makers are vexed by the question when a recovery will come. This is the wrong question. The issue should be how a higher growth path can be reached in the long run, i.e., how the potential growth rate of our economies can be...

With twelve new members the decision making in the European Union via intergovernmental cooperation will become ineffective. In order to avoid a Stagno-Europe the EU has a choice: Either it looks for the very essentials in the common institutional frame or the member states agree in ceding...

Der Stabilitätspakt hat die Aufgabe, der nationalen Finanzpolitik bei der Verschuldung die Hände zu binden und damit den Euro als vergemeinschaftete Währung abzusichern. Denn ob Geld stabil ist, hängt auch davon ab, wie solide die Staatsfinanzen sind. Den Pakt aufzuweichen wird später einen...

In this book, experts in international economics analyze the synchronization of business cycles and their volatility. Based on this, they discuss the need and feasibility of internationally coordinating monetary, fiscal, and exchange rate policies