The European Commission methodology for computing the cyclically adjusted government budget balance provides a robust measurement of the fiscal position of the Member States. The fiscal semi-elasticities at the core of this method are structural parameters, mostly of fiscal nature, not linked to...

In recent weeks, fears of a worldwide economic recession have become widespread because more and more symptoms appear that resemble those at the start of the great depression of 1929. However, wrong conclusions may be drawn from similar symptoms unless basic development trends as well as the...

While the global financial crisis had a strong impact on economic activity in Germany, the impact of the euro area crisis on economic activity in Germany has so far been relatively mild. Trade flows by region reveal that German firms have recently redirected their exports towards the remaining...