The green transition of the EU economy will require substantial investment to 2030 and beyond. Estimates of green investment needs vary between institutions and are surrounded by high uncertainty, but they all point to a requirement for faster and more ambitious action. Green investment will...

The study investigates the level of coordination between the fiscal and monetary authorities in the WAMZ countries and its implications for the attainment of the inflation and fiscal deficit criteria. To achieve this objective, the study utilizes the Set Theoretic Approach (STA) and the vector...

The euro area, like many other advanced economies, has entered an era of drastic demographic change. Without appropriate policy responses, population ageing in the euro area is posing formidable challenges for potential growth, monetary policy and public finances. This paper examines - from a...

If the responses of wages - both private and public - and of pensions to an increase in inflation lead to second-round effects, this can make an inflationary shock more persistent, especially in the presence of automatic wage and pension indexation. This occasional paper presents an overview of...

Seit dem Jahr 2007 können die Bundesländer die Steuersätze der Grunderwerbsteuer eigenständig festlegen. In der Folge haben außer Bayern und Sachsen alle Bundesländer die Sätze erhöht. Die Ergebnisse Bayerns und Sachsens bezüglich der Wohnungsbautätigkeit und der Steuereinnahmen werden...

In this paper, we describe key problems of the current EU's fiscal framework and offer constructive options for its reform. A comprehensive reassessment of the rules is necessary, as the development of the rules has reached an impasse for both political and technical reasons. In our view, Europe...

Im Jahr 2020 publizierte das Bundesfinanzministerium den 5. Tragfähigkeitsbericht zur Staatsverschuldung in Deutschland für den Zeitraum bis 2060. Ausgangspunkt ist die zutreffende Erkenntnis, dass die von der Alterung der Gesellschaft abhängigen Kostensteigerungen auf lange Sicht über der...

Achieving the European Union's climate goals and decoupling from Russian energy will require a massive increase in green public spending, which will be difficult when EU fiscal rules requiring fiscal consolidation are reinstated. The two major proposals to address the conflicting goals of fiscal...

For Europe, the war in Ukraine is a first-order economic shock. While the direct fiscal implications of taking care of refugees, increasing military spending and strengthening energy autonomy remain limited, the impact of elevated energy and food prices on national income and its distribution is...

This paper traces the transformation of the monetary architecture and concomitant sovereign debt issuance practices in Prussia and the German Empire from 1740 to 1914 in order to reflect on contemporary ideas regarding the appropriate relation between states' treasuries, central banks, and the...