A central cause of the crisis, which the public debate has taken little notice of so far, is the rapid increase of income inequality in many industrialised countries, but also in some emerging economies. In the USA many private households have reacted to stagnating real incomes by increasingly...

Die deutsche Schuldenbremse scheint derzeit vielen vorbildlich. Im Zuge der Euro-Krise wurde sie schnell zur Ursache für die im internationalen Vergleich sehr erfolgreiche Haushaltskonsolidierung und die günstigen Finanzierungsbedingungen des deutschen Fiskus erklärt. Die Einführung strenger...

Many observers consider the German 'debt brake' beyond criticism. In the current crisis, many European countries have difficulties refinancing their budgets, while the German treasury's funding conditions are most favourable. The 'fiscal compact's' call for the introduction of German-style 'debt...