The Target imbalances within the Eurozone can be interpreted as a sign of a missing balance of payments adjustment … mechanism for the member countries. As the Eurozone lacks a fiscal union, in economic theory it is more an exchange rate union … payments, but only one for the whole Eurozone. This paper will show why the Target System is a crucial indicator for the …

and/or investment and savings behavior in Germany. …

Vermehrte öffentliche Investitionen in Bildung, Infrastruktur und ökologische Erneuerung sind in Deutschland nicht nur …In Germany, higher public investment in infrastructure, education and ecology is urgently needed and could provide … impulses for lackluster private investment. Although Germany's budget surplus will decline noticeably due to high refugee …