Ten years after Greece’s accession to EMU, the venture has proved to be almost a complete failure. Obviously, the country joined EMU disappointingly unprepared. After EMU accession, Greece failed to seek the necessary adaptations. Its economic policy was inconsistent with the economic logic...

Auf die Finanz- und Wirtschaftskrise folgt eine Krise der Staatsfinanzen. Einige Staaten der europäischen Währungsunion drohen den gesamten Euroraum in Schwierigkeiten zu bringen. Um solche Probleme zukünftig zu vermeiden, müssen die nationalen Finanzpolitiken durch strikte Anwendung des...

In March, the European Commission released its Europe 2020 strategy proposal, which strives for "smart, sustainable and inclusive growth" and greater policy coordination between the EU and national governments. While the document was greeted with scepticism in some quarters, others believe it...

The cyclically adjusted budget balance (CAB) plays a key role in the EU fiscal surveillance framework. It started off in a supporting role in the shadow of the headline defi cit and, before long, turned into the linchpin of the rules of the Stability and Growth Pact. The steep ascent was driven...