The financial crisis of 2007/2008 and the current "Euro crisis" challenge the current global monetary system. They drastically reveal the actual system's weaknesses und show the eminent importance of the international monetary system for the stability of markets and national economies. DIW...

Die Finanzkrise 2007/2008 und die derzeitige "Euro-Krise" stellen das bisherige Weltwährungssystem in Frage. Sie legt die Schwächen des aktuellen Systems schonungslos offen und zeigt, welchen herausragenden Stellenwert das internationale Währungssystem nach wie vor für die Stabilität von...

The Van Rompuy Report and also additional proposals made by the European Commission outlined steps for a ‘genuine Economic and Monetary Union’. This article explains, assesses and comments on the proposals made. Moreover, it outlines what could be recommendations in order to achieve a...

Die Finanzkrise 2007/2008 und die derzeitige "Euro-Krise" stellen das bisherige Weltwährungssystem in Frage. Sie legt die Schwächen des aktuellen Systems schonungslos offen und zeigt, welchen herausragenden Stellenwert das internationale Währungssystem nach wie vor für die Stabilität von...

Abstract. Deviations of policy interest rates from the levels implied by the Taylor rule have been persistent after the turn of the century even before the financial crisis. These deviations could be due to lower real interest rates, as stated by the savings glut hypothesis as well as the...

This article builds upon a highly stylised but widespread definition of the ‘Southern’ and ‘Northern’ views on debt mutualisation. It explains both positions in the ongoing Eurozone crisis and what both sides hope to achieve in reshaping the governance of the euro. Both...

This paper gives a detailed explanation of why a central bank without fiscal backing can lose control of inflation. Moreover, it argues that such danger emerged only recently for the ECB due to its increasing quasi-fiscal activities. Finally we argue that it might not generally be a good idea to...

Die Finanzkrise 2007/2008 und die derzeitige "Euro-Krise" stellen das bisherige Weltwährungssystem in Frage. Sie legt die Schwächen des aktuellen Systems schonungslos offen und zeigt, welchen herausragenden Stellenwert das internationale Währungssystem nach wie vor für die Stabilität von...

This study investigates the shock-absorbing properties of a banking union by providing a detailed comparison between the way regional financial shocks have been absorbed at the federal level in the US, but have led to severe regional (national) financial dislocation and tensions in the euro...

This study investigates the shock-absorbing properties of a banking union by providing a detailed comparison between the way regional financial shocks have been absorbed at the federal level in the US, but have led to severe regional (national) financial dislocation and tensions in Europe and...