Vor dem Hintergrund der aktuellen Steuersenkungsdebatte werden die finanzpolitischen Risiken großzügiger Steuersenkungen beispielhaft für das Konzept der Mittelstands- und Wirtschaftsvereinigung der CDU/CSU (MIT) illustriert. Hierfür werden die mit dem Konzept verbundenen Steuerausfälle...

This paper evaluates whether the 2011 national stability programs (SPs) of the euro area countries are instrumental in achieving economic stability in the European Monetary Union (EMU). In particular, we analyze how the SPs address the double challenge of public deficits and external imbalances....

The German debt brake is often regarded as a great success story, and has therefore served as a role model for the Euro area and its fiscal compact. In this paper we fundamentally criticize the debt brake. We show that (1) it suffers from serious shortcomings, and its success is far from certain...