The German Federal Constitutional Court has ordered a revision of public budgets following the correct interpretation of the German debt brake. The debt brake is an obstacle to necessary public investment needed for ecological transformation of areas such as housing construction and education....

The terror-attack hit the western world in a situation of a sharp cyclical downturn in the USA, Europe and Japan. Mainly because of increased uncertainty the downturn will be intensified by the attack. Immediately after the attack US monetary and fiscal policy became even more expansive. In...