Spätestens seit dem Ende des 2. Weltkriegs ist der US Dollar die führende Reservewährung der Welt. Allerdings hat sich die Natur der globalen Hegemonie des US Dollar im Zeitalter des Neoliberalismus und Finanzglobalisierung stark gewandelt. Die Krise von 2007-9 brachte für die...

This study assesses the ECB's crisis management performance and potential for crisis resolution. The study investigates the institutional and functional constraints that delineate the ECB's scope for policy action under crisis conditions and how the ECB has actually used its leeway since 2007; or...

The European Central Bank (ECB) is a special, even unique central bank. It is a central bank without a treasury by its side or a state behind it, just as the euro, Europe's common currency that the ECB is tasked with guarding, is a 'denationalised' currency. The euro area is a rare exception to...

This Working Paper examines options for the design of a workable fiscal union for the euro area. It provides a comparative study of fiscal institutions in the US and euro area in order to supply lessons from the operation of the US fiscal regime that could inform the design of the, hitherto...