Die Europäische Wirtschafts- und Währungsunion steht am Scheideweg. Einige Mitgliedstaaten leiden unter Verschuldung und hohen Kapitalmarktzinsen. Der strukturelle Reformbedarf ist enorm. Zu Beginn der Krise noch undenkbar fordern manche eine Fiskalunion mit vergemeinschafteter...

The paper argues that international differences in fiscal conditions influence the relative attractiveness of locating production facilities in different countries and could prove to be a troublesome source of instability for the European economies. Even though physical capital movements tend to...

The issue of whether constraints should be placed on fiscal policies when moving to European monetary union is examined in the context of the use of fiscal policy for macroeconomic stabilization purposes. Examples of shocks hitting French and German economies are considered: an appreciation of...

This paper reviews the pros and cons of institutionalized constraints limiting the freedom of national budgetary policies within an Economic and Monetary Union (EMU) in Europe. The issue is approached from three angles: the influence of EMU on (i) budget discipline; (ii) intergenerational equity...