The Greek government budget situation plays a central role in the debt crisis in the euro area. Strong consolidation measures need to be implemented, with potential adverse effects on the Greek economy and further credit requirements. Debt conversion might therefore become a reasonable...

Die US-Zentralbank hat begonnen, mit ihrem Quantitative Easing 2 (QE2) die Märkte mit Liquidität zu überschwemmen. Betroffen sind nicht allein die USA, sondern vor allem Länder, die ihre Währung an den US-Dollar gebunden haben. Aber auch flexible Wechselkurse bieten nur geringen Schutz vor...

Two of the four macroeconomic adjustment programmes, Portugal and Ireland’s, can be considered a success in the sense that the initial expectations in terms of adjustment, both fiscal and external, were broadly fulfilled. A rebound based on exports has taken hold in these two countries, but a...