The US Federal Reserve System is conventionally understood as a private-market stabilising institution that has no settled role in supporting the fiscal power of the Treasury. Contra that view, this article argues that the US central bank has always had an extensive fiscal role: building,...

The debt crisis in several member states of the euro area has raised doubts on the viability of European Economic and Monetary Union (EMU) and the future of the euro. While the launch of the euro in 1999 stirred a lot of interest in regional monetary integration and even monetary unification in...

This paper investigates Germany's vulnerability to the ongoing Euroland crisis. In 2010-11, Germany experienced a strong rebound from the global financial crisis of 2008-09. The Euroland crisis then meant record low interest rates and a depressed euro that boosted German extra-area exports. But...

Fiscal dominance, that is, the extent to which government deficits condition the growth of the money supply, has been the prevailing regime in Italian monetary history from the creation of the state in 1861 to the 1980s. The nature of the institutional structure linking budget deficits to...

The debt crisis in several member states of the euro area has raised doubts on the viability of European Economic and Monetary Union (EMU) and the future of the euro. While the launch of the euro in 1999 stirred a lot of interest in regional monetary integration and even monetary unification in...

Against the backdrop of the COVID-19 pandemic, this paper analyzes the economic stimulus packages announced by the Indian national government and tries to identify some plausible fiscal and monetary policy coordination. The shrinking fiscal space due to revenue uncertainties has led to a...

Ende Juli haben die Euro-Regierungschefs ein zusätzliches sehr umfangreiches Rettungspaket für Griechenland beschlossen. Der EU-Gipfel konnte die Märkte allerdings nicht beruhigen. Diese enttäuschende Reaktion heizt die Diskussion auf politischer Ebene, aber auch in der...