A broad consensus seemed to have been reached since the onset of the financial and economic crisis that governments needed to undertake collective action to provide a fiscal stimulus to prevent a deep and longlasting recession.

Authors of the Report on the European Economy 2010

After a deep economic recession during the winter of 2008/2009, which was triggered by a US-led financial crisis, many countries went through a stabilisation period and now seem to have entered a recovery phase. Global monetary and fiscal policies have prevented a worse outcome and lie at the...

The US economy is arguably following an unsustainable trajectory. The main indicators of this are a large current account deficit, a large federal budget deficit and trend-wise increasing costs of Social Security and Medicare. In this chapter, we will discuss these observations and to what...

There are many important dimensions of the, hopefully overcome, financial crisis that have appeared in the vast debate that it has originated: its unprecedented size at least in the post World War II period; the fact that, contrary to many other financial crises (but similar to the 1929 collapse)...

After the recent global financial crisis several countries on the eurozone’s south-western periphery, in particular Greece, Spain, Portugal and Ireland, have faced severe difficulties involving the risk of sovereign debt defaults and a new banking crisis. Other EU countries, above all France,...

Der Begriff Neoliberalismus ist angesichts der Finanzkrise in Misskredit geraten. Aber was bedeutet eigentlich Neoliberalismus? Viktor J. Vanberg, Walter Eucken Institut, Freiburg, definiert Ordnungstheorie als das wirtschafts- und rechtswissenschaftliche Forschungsprogramm der Freiburger Schule...

This paper advances the hypothesis that the EMS crisis was caused by German unification. Unification stimulated massive resource demand, which paralleled resource demand in the United States following Reagan’s tax reforms in the 1980s. The resource demand revised German interest rates relative...