The classical approach towards adjustment has proved to have considerable shortcomings, particularly in connection with supply response issues and the conditions for re-establishing sustainable growth. The following article concludes that sustainable stabilisation and adjustment require a...

The structural changes in the world economy have made themselves increasingly felt in the Federal Republic of Germany over the past few years. For the first time since 1965 there is again a current account deficit, since merchandise trade is no longer able, due to the worsened terms of trade, to...