Die Schaffung der Europäischen Währungsunion hatte in wissenschaftlichen Kreisen heftigste Kontroversen ausgelöst. Der vorliegende Beitrag unternimmt, dreieinhalb Jahre nach dem Beginn der Währungsunion, eine Bestandsaufnahme der Entwicklungen in den diesbezüglich zugrunde liegenden...

The main rationale for fiscal policy rules is the concern for long-term sustainability of public finances, that in a monetary union may affect the other members. Among many other criticisms, the Stability and Growth Pact (SGP) has been seen as contradictory or incomplete because it focuses on...

Das Einstimmigkeitsprinzip lässt eine wünschenswerte Reform des Stabilitätsund Wachstumpaktes in der nächsten Zeit unwahrscheinlich erscheinen. Als praktikable Alternative erscheint es aber möglich, seitens der Kommission nationale Abweichungen dann zu erlauben, wenn diese dem Geist der...

This paper reviews recent developments in the management of government debt in the euro area, covering both theoretical and practical aspects. It focuses on key aspects of debt management; the objectives of debt management, its organisation, the maturity of debt, inflation-indexation,...

This paper looks at fiscal sustainability and fiscal risks from a comprehensive, global perspective. It argues that the benefits of consolidation have to be re-assessed given that industrialised countries have entered uncharted waters with unsustainable public debt dynamics and enormous...

This paper explains the various concepts of government debt in the euro area with particular emphasis on its size and composition. In terms of size, the paper focuses on different definitions that are in use, in particular the concept of gross general government debt used in the surveillance of...