It has recently been argued that intra-eurosystem claims and liabilities in the form of TARGET2 balances would raise fundamental issues within the European monetary union. This article provides a framework for the economic analysis of TARGET2 balances and discusses the key arguments behind this...

The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The paper reviews, compares and evaluates the different arguments made in favour...

The actions by the European Central Bank (ECB) during the global and European crises have triggered a highly controversial debate, in particular in Germany, about the costs and benefits of the chosen policy path. The article reviews, compares, and evaluates the different arguments made in favor...

Deutschland sieht sich gern als Hort der Stabilität in einem unsicheren Europa. Es ist stolz auf seine wirtschaftliche Leistungsfähigkeit und darauf, dass es ziemlich ungeschoren durch die Krise gekommen ist. Doch das schöne Bild trügt. Deutschland hat seit dem Jahr 2000 deutlich weniger...