Fiscal austerity has not led to a return of confidence and it is not at all certain that the current crisis strategy can be sustained politically and will eventually succeed. Government bonds of crisis-hit countries have lost their safe asset status and high risk premiums are impairing monetary...

Inhalt: 1.Vorbemerkungen 2. Die Euroblase 3. Die Kredithilfen der EZB: Von der Nothilfe zur Dauereinrichtung 4. Die Zahlungsbilanz und der Target-Saldo 5. Warum die Target-Salden Kredite sind 6. Die Verlagerung des Refinanzierungskredits 7. Vergleich mit dem Bretton-Woods-System 8. Von der...

Im Januar 2002 wurden die neuen Euroscheine mit großen Hoffnungen verteilt, heute, nur zehn Jahre später, steckt das Europrojekt in einer tiefen Krise: Was als europäisches Friedensprojekt begann, hat zu Streit und Unwillen geführt, der nur durch den tiefen Griff in das Sparkonto der...

What explains Eurozone member-states' divergent exposure to Europe's sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis.

Incomplete monetary union and Europe's current crisis -- From order to disorder : how monetary union changed national labor markets -- Monetary regimes, sectoral wage relations and the current account crisis in the EMU south : empirical evidence -- National central banks promoting inflation...

This paper analyses whether the severe demographic change in Germany causes its high current account surpluses. An ageing population both increases the supply and lowers demand of capital in an economy. Due to a longer life span individuals save more. Fewer workers reduce the optimal capital...