The 2012 Article IV Consultation report on euro area policies highlights that investors are withholding funding from member states most in need, moving capital “north” and abroad to perceived safer assets. Executive Directors have noted that the euro area continues to face a number of...

In order to explain slow growth and high unemployment in the Euro area, in particular if compared to the USA, we follow a macroeconomic policy view focussing on the more restrictive stance of monetary, fiscal and wage policies in the Euro area. In the present paper we focus on the particular...

Staaten versinken im Schuldensumpf, Sparer werden mit Negativzinsen enteignet, Volksparteien verlieren dramatisch an Zustimmung. Die Symptome sprechen eine beunruhigende Sprache. Stehen wir vor einem sogenannten perfekten Sturm, bei dem verschiedene Komponenten ungünstig zusammentreffen und...

As the coronavirus pandemic spread across the globe in early 2020, the European Central Bank as well as national governments in the euro area enacted or announced numerous economic policy measures to counteract the severe economic consequences of the resulting lockdowns. In this paper, the...