The rules laid down in Article 32 of the Protocol No. 18 on the Statute of the European System of Central Banks and of the European Central Bank of the Maastricht Treaty will significantly redistribute European seignorage income and hence the implicit entitlement to the 352 billion stock of...

The paper studies the role of international implications after EU enlargement. Based on a formal model with migration costs for both capital and labor, it predicts a two-sided migration from the new to the old EU countries which is later reversed. As the migration pattern chosen by market forces...

Mit der hartnäckigen Tendenz zur Deflation verliert die Geldpolitik, die den Euroraum bislang entscheidend stabilisiert hat, an Wirksamkeit. Sie bedarf dringend der Flankierung durch die Finanzpolitik, die mittels höherer Investitionen die Wirtschaft im Euroraum stimuliert und so die...