The establishment of a sovereign debt restructuring mechanism (SDRM) is one of the important issues in the academic debate on a viable constitution for the European Monetary Union (EMU). Yet the topic seems to be taboo in official reform contributions to the debate. Against this backdrop, the...

In a joint initiative, the political leaders of France and Germany have proposed to set up a EUR 500 billion fund to support the recovery of the EU economy from the COVID-19 recession. The Recovery Fund (RF)shall be financed through the issuance of bonds by the European Commission. Repayments...

Since the start of EMU national fiscal policy in the Eurozone can be conducted almost without paying any attention to consequences for the exchange rate. This might lower fiscal discipline. In order to shed light on the empirical relevance of this consideration, the impact of the exchange rate...