Der vorliegende Beitrag thematisiert den Stabilitäts- und Wachstumspakt unter Berücksichtigung von Zeitinkonsistenzproblemen. Die Verfasser gelangen zu dem Ergebnis, dass die bisherige Anwendungspraxis des Stabilitäts- und Wachstumspaktes nicht geeignet ist, die Zeitinkonsistenzprobleme zu...

The Stability and Growth Pact is one of the constituent pillars of the European Monetary Union. Though, meanwhile it is obvious that it will not be able to limit fiscal deficits of the member states. For this reason in this paper Coase's thinking in institutional alternatives is applied to find...

Against the background of the euro-sceptic view many German economists expressed during the 1990ies and the traditional as well as modern debate on the optimum currency area the outcomes of the first ten years of the European Monetary Union are analysed. It is checked to what extent the concerns...