Five years after the first tremors in Europe's banking system, what makes the crisis unique is the absence of a democratically accountable decision-making framework; there is an 'executive deficit' that compounds Europe's democratic deficit. The author argues that the only way to resolve the...

The paper builds a simplified model describing the economy of a currency union with decentralised national fiscal policy, where the main features characterising the policy-making are similar to those in EMU. National governments choose the size of deficit taking into account the two main rules...

The present paper contains a brief presentation and analysis, in a historical perspective through the lens of the recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current developments and challenges ahead. It is structured in three...

Interaktions- und krisenrelevante Trends -- Politisch-ökonomische und politikwissenschaftliche Ansätze -- Neuorientierung der Regulierungspolitik -- Die Politik der Bewältigung der Schuldenkrise im Euroraum -- Die Geldpolitik der Europäischen Zentralbank (EZB) und ihre Risiken -- Urteile des...