In a bold legislative move, in 2009 Germany introduced a fundamental reform of the government borrowing rules which are specified in its constitution. In particular, state governments will be required to provide a balanced budget, abstracting from cyclical fluctuations, starting in the year...

Bis Ende des Jahres 2010 wird die Verschuldung der öff entlichen Haushalte um etwa 225 Mrd. € steigen. In den Sozialversicherungen wird bis dahin ein zusätzlicher Finanzbedarf von knapp 24 Mrd. € erwartet. Die Staatsschulden werden auf ein Volumen von rund 1900 Mrd. € anschwellen, was...

The euro area is experiencing a severe and highly complex crisis. It comprises three problem areas, the difficulties of some highly indebted European sovereigns to ascertain funding at palatable cost, the disconcerting fragility of the European banking system and disappointing growth prospects...

The euro area is experiencing a severe and highly complex crisis. It comprises three problem areas, the diffi culties of some highly indebted European sovereigns to ascertain funding at palatable cost, the disconcerting fragility of the European banking system and disappointing growth prospects...