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The pension systems in both Germany and Austria have undergone substantial reforms, though only one of the countries … earnings, whereas in Germany they will receive just 37.5%. The authors argue that Germany has been left with a system that has …
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The Swiss debt brake served as a model for the new German budget rule. The two tools share the long-term goal of rendering fiscal policy sustainable by stabilising nominal debt as well as the short-term goal of smoothing the economic cycle. Debt brakes thus act as an automatic stabiliser within...
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