In this paper, we aim to design a monetary policy for the euro area that is robust to the high degree of model uncertainty at the start of monetary union and allows for learning about model probabilities. To this end, we compare and ultimately combine Bayesian and worst-case analysis using four...

This paper summarizes key elements of the German Federal Constitutional Court's decision on the European Central Bank's Public Sector Asset Purchase Programme. It briefly explains how it is possible for the German Court to disagree with the ruling of the Court of Justice of the European Union....

The ruling of the German Federal Constitutional Court and its call for conducting and communicating proportionality assessments regarding monetary policy have been the subject of some controversy. However, it can also be understood as a way to strengthen the de-facto independence of the European...

Die Corona-Pandemie legt die Stärken und Schwächen der Europäischen Union (EU) bloß und verdeutlicht die Unterschiede in der Leistungs- und Widerstandsfähigkeit der europäischen Volkswirtschaften. Die vorliegende Studie widmet sich daher der Frage, wie die EU gestärkt und mit höherer...