<Para ID="Par1">In the past the flood design was dominated by safety oriented concepts. A design flood was chosen with the basic assumption that it defines the limit up to which a flood can be controlled completely by technical measures. Often peak values with very small probabilities are used. Thus the risk of...</para>

The Federal German Constitutional Court has made it clear that it considers the OMT program to be in violation of the ECB’s mandate. This paper argues that the Court’s decision reflects an endorsement of the efficient-market hypothesis. If financial markets are efficient, interference of any...

With the OMT program the ECB has de facto taken over the role as a lender of last resort (LoLR) for euro area governments. While this has been welcomed by some, many policymakers and economists, in particular in Germany, have strongly criticized the ECB for taking this step, even though it has...

Seit mehr als einem Jahr ist der Preisanstieg im Euroraum im Trend rückläufig. Angesichts der geringen Inflationsrate wird über ein mögliches Abrutschen in eine Deflation diskutiert. Wie groß ist diese Gefahr und wie sollte die EZB reagieren? Das wahrscheinlichere Szenario der nächsten...

This paper argues that Europe is unable to get the euro crisis under control because it has chosen a crisis management strategy that is diametrically opposed to the one applied in the global financial crisis. In 2008, crisis management focused on measures that instilled confidence, while...

The ECB’s decision in favour of additional unconventional monetary policy measures has been severely criticised by German economists, experts and the media. This is consistent with the relentless criticism that the ECB has been subject to over recent years, even though the facts clearly show...

The long-held truism that finance is always good for growth has been called into question by the global financial crisis. This article examines new evidence on the finance-growth nexus from a European perspective. More specifically, it compares the approach of many CESEE countries — i.e....

In a dual liquidity crisis, both the government and the banking sector are under severe funding stress. By nature, dual crises have the potential of being particularly disruptive and damaging. Thus, understanding their mechanics, how they unfold and how they can be addressed under various...

Is the OMT program in violation of the ECB's mandate? This paper applies the economic argumentation put forth by the OMT's opponents and supporters before the Federal German Constitutional Court [Bundesverfassungsgericht] to the full allotment policy practiced by the ECB since October 2008. The...