The European Fiscal Framework and the Stability and Growth Pact (SGP) have had great significance since the completion of the European Monetary Union (EMU) in 1999. The current enforcement and credibility problems, and discussion about reforming the SGP, as well as the failure to impose...

Using merged data from the British Household Panel Survey (BHPS) and the German Socio-Economic Panel (SOEP), this paper applies a parametric difference-in-differences approach to assess the real effects of the introduction of the euro on subjective well-being. A complementary nonparametric...

Soll Griechenland innerhalb oder außerhalb des Euroraums verbleiben, und welchen Weg sollen überschuldete Länder gehen, eine Staatsinsolvenz, eine Umschuldung oder eine Überbrückung der Krise mit Staatshilfen? Nach Ansicht von Jürgen Matthes, Institut der deutschen Wirtschaft Köln,...

The question of whether public debt in Europe’s largest economy is sustainable in the long run has received great attention. After all, Germany breached the three percent deficit threshold of the “Stability and Growth Pact” in four successive years, i. e. from 2002 to 2005. In this paper I...