The paper presents labor productivities in the member countries of Euroland. The result is that there is quite a divergence in labor productivities (per head) in the European Monetary Union. The Netherlands and Italy reach 85 percent of the West German level, Spain 62 and Portugal 35. This...

Die Schaffung eines einheitlichen Geldes in Europa und die Vergemeinschaftung der Geldpolitik bedeuten eine einschneidende institutionelle Änderung. In diesem Beitrag wird analysiert, was zu tun und was zu lassen ist, damit das historisch bedeutsame Vorhaben ein Erfolg wird. Zwölf...

The stability pact is intended to bind the hands of national fiscal policy with respect to debt and thus protect the euro as a common currency. To what extent the value of money is stable depends on the solidity of the government’s finances. To weaken the pact will imply a loss of confidence...