Die Europäische Kommission hat vorgeschlagen, das Vorsteuervergütungsverfahren zu ändern. Derzeit erfolgt die Vorsteuervergütung an nicht im Inland, sondern in einem anderen EU-Mitgliedstaat ansässige Unternehmen in Form von Erstattungen auf Antrag durch eine zentrale Behörde im Land der...

Fiscal rules are instrumental for restraining deficit and spending biases in euro area Member States that could threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal rules should combine characteristics such as sufficient flexibility to allow for appropriate...

This paper provides a comprehensive overview of the use of the Eurosystem’s monetary policy instruments and the operational framework from the first quarter of 2009 until the second quarter 2012. The paper discusses in detail, from a liquidity management perspective, the standard and...

We analyze the effectiveness of fiscal policy in general and automatic stabilizers in particular to stabilize output in Eurozone member states under the current institutional framework of fiscal governance. First, a descriptive analysis based on macro data is conducted for the period 2007-2014,...

The economic crisis has laid open deficiencies in the construction of the European Economic and Monetary Union. At its foundation, it was assumed that monetary integration would reduce the likelihood of asymmetric shocks. The crisis shows, however, that endogenous mechanisms may even amplify...

The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our analysis suggests that, given EMU's present...

Unlike the crisis years of 2007-2009 (when the insolvency of large banks was a major problem), the current round of the global financial crisis has fiscal origins. Almost all developed countries suffer from an excessive public debt burden that has been built up over the last two decades or more....

Euro Area member states have agreed to introduce a structural budget balance target to their national legislation (Treaty on Stability, Coordination and Governance). However, there exists no commonly agreed methodology to calculate this macroeconomic indicator. This report presents the...

Diese Studie befasst sich mit dem Auseinanderlaufen der gesamtwirtschaftlichen Entwicklung nach der globalen Finanzkrise im Vergleich von Eurozone, USA und Großbritannien. Die Eurozone erholte sich seit 2010 deutlich schleppender als die US-amerikanische und die britische Wirtschaft. Die Rolle...

This thesis was written by Jakob Eberl while having been a research assistant at the Center for Economic Studies (CES) at the University of Munich. It was completed in December 2015 and accepted as a doctoral thesis by the Department of Economics at the University of Munich in May 2016. The...