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not economic necessity have dictated the consolidation in the EU during the 90s. …
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like the EU deficit limits. The econometric results indicate that the decline is largely due to two developments: First to … privatisation process nor EU deficit restrictions of the Maastricht Treaty can explain the decline. …
Persistent link: https://www.econbiz.de/10001657235
The euro crisis remains unresolved even as financial markets may seem calm for now. The current euro regime is inherently flawed, and recent reforms have failed to turn this dysfunctional regime into a viable one. Our investigation is informed by the "cartalist" critique of traditional "optimum...
Persistent link: https://www.econbiz.de/10010204687
There is a growing empirical literature studying whether fiscal rules reduce borrowing costs. Nevertheless, it remains an open question whether these rules are effective genuinely or just because they mirror fiscal preferences of politicians and voters. In our analysis of European bond spreads,...
Persistent link: https://www.econbiz.de/10009721879
This paper investigates the role of the European Central Bank (ECB) in the (mal-) functioning of Europe's Economic and Monetary Union (EMU), focusing on the German intellectual and historical traditions behind the euro policy regime and its central bank guardian. The analysis contrasts Keynes's...
Persistent link: https://www.econbiz.de/10009667997
meanwhile reached the core. With pro-euro sentiments dwindling fast across the European Union (EU), the future of the euro … EU, most likely under French leadership, will have to convince Germany to embark on a fundamental policy course change …
Persistent link: https://www.econbiz.de/10009757118
A mechanism to restructure the debt of an insolvent euro country is a missing element in the emerging institutional architecture of the euro area. The introduction of an insolvency procedure for sovereigns faces a dilemma: In the foreseeable future, its introduction would risk pushing Europe...
Persistent link: https://www.econbiz.de/10010394484
Highlighting that France and Germany held largely contradicting hopes and aspirations for Europe's common currency, this paper analyzes how the resulting euro contradiction conditioned the ongoing euro crisis as well as current strategies to resolve it. While Germany generally prevailed in...
Persistent link: https://www.econbiz.de/10009732260