To handle the sovereign debt crisis in general and macroeconomic imbalances in particular the leading EU institutions (the Troika) adopted two broad approaches: The short-term approach is based on enhancing the Stability and Growth Pact and to imposing fiscal austerity on crisis countries. The...

The Covid-19 pandemic hitting the world in 2020 also caused a high death toll in Germany and in the European Monetary Union (EMU) at large. The health crisis worldwide and the precautions against Covid-19 rapidly induced a demand and supply recession simultaneously. The Covid-19 crisis was...

The terror-attack hit the western world in a situation of a sharp cyclical downturn in the USA, Europe and Japan. Mainly because of increased uncertainty the downturn will be intensified by the attack. Immediately after the attack US monetary and fiscal policy became even more expansive. In...

Chapter 1. introduction -- Chapter 2. The German Hyperinflation of 1923 -- Chapter 3. Macroeconomic Developments from the End of theof the 1960s to the early 1980s -- Chapter 4. The Inflation Wave from the Late 1960s onward -- Chapter 5. Comparison of developments in the various countries --...

The COVID-19 crisis is unique in many respects and, as the IMF (2021, p. 43) puts it: "a crisis like no other". A global economic contraction occurred that was unprecedented in its speed and depth. Support packages were put together in some parts of the world that also dwarfed anything seen up...

Theoretical analysis, empirical development and case studies show that room to manoeuvre stabilising macroeconomic policies during the COVID-19 crisis in the years 2020 and 2021 were fundamentally different in the Global South and Global North. The latter used extensive discretionary fiscal and...