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EU fiscal rules are meant to keep public finances on a sustainable path. This paper presents a new database that tracks numerical compliance with the four main rules of the Stability and Growth Pact starting in 1998. Our assessment of numerical compliance abstracts from the many exceptions and...
Persistent link: https://www.econbiz.de/10014334679
This paper presents three simple policies for overcoming the crisis that can be implemented immediately and require none of the moves such as national guarantees or fiscal transfers to which many Europeans are opposed, nor moves towards federation that entail Treaty changes, which electorates...
Persistent link: https://www.econbiz.de/10010471462
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This paper investigates determinants of convergence in GDP per capita in the euro area and the EU between 1995 and 2021. It finds that the COVID-19 crisis temporarily slowed convergence but the estimated negative impact is significantly smaller than during the global financial crisis. Diverging...
Persistent link: https://www.econbiz.de/10014334683
The correct understanding of Greece's debt can only be obtained by using international accrual accounting standards rather than the cash-basis future face value defi nition. Changing the terms of debt changes the value of the debt in Greek governmental fi nancial statements correctly prepared...
Persistent link: https://www.econbiz.de/10011773254
government bond markets. This will continue to make the eurozone a fragile construction. As a result, the possibility of a future …
Persistent link: https://www.econbiz.de/10013468417
The debt crisis of the eurozone revealed a structural problem of the single market rooted in the external imbalance … problem of indebted member states. The assumption of this paper is that the current account imbalances within the eurozone are … based on an intra-eurozone competitiveness disparity originated in the single currency and the heterogeneity of member state …
Persistent link: https://www.econbiz.de/10011773257
Persistent link: https://www.econbiz.de/10014334682
Given the shortcomings of the current responses to the sovereign debt crisis in the eurozone, the author proposes … achieve this without adding further risky assets to the European Central Bank's balance sheet and thereby transferring credit … risk to Northern European countries. …
Persistent link: https://www.econbiz.de/10010327996
Persistent link: https://www.econbiz.de/10013343160