Mit dem anstehenden Staatsanleihen-Kaufprogramm 'Outright Monetary Transactions' (OMT) der Europäischen Zentralbank (EZB) in Verbindung mit dem kürzlich eingesetzten Europäischen Stabilitätsmechanismus (ESM) hat das Thema 'monetäre Staatsfinanzierung' viel Aufmerksamkeit erfahren (z.B....

This article deals with the macro-economics of the Trans-European Automated Re- al-time Gross Settlement Express Transfer System (TARGET2). Originally, the TARGET2 was in-tended to solely function as a monetary arrangement for liquidity issues. It is shown that the TARGET2 contributes to a...

The UK's withdrawal from the EU will have far-reaching consequences on the European economy. However, the ultimate consequences of Brexit, especially for financial markets, depend on the final agreement, which is still under negotiation. Currently, regulated financial services can be provided...

Zusammenfassung Im Zusammenhang mit der europäischen Schuldenkrise wird in der öffentlichen Debatte die Möglichkeit einer stärkeren Vergemeinschaftung der Finanzpolitiken zur Sicherung des Euro als Gemeinschaftswährung angeführt. Der vorliegende Beitrag untersucht, inwiefern ein derartiger...

Exchange-rate policies of Central Eastern European Countries (CEEC) have often been a subject matter. Yet, some new insights in terms of political economy considerations upon exchange-rate policy are provided. It is pointed out that it is more appropriate to analyse exchange-rate policy in...

Following entrance into the European Union, Central Eastern European Countries (CEECs) are expected to join the European Monetary Union (EMU). These countries may incur considerable costs over the course of their passing through the required Exchange Rate Mechanism II (ERM-II). However, with...

Eastward enlargement is one of the hot topics in European economics. The accession of central and eastern European Countries (CEEC) into the European Union (EU) is accompanied by an extension of the eurozone to this region. This paper surveys likely outcomes and challenges of this specific...

The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our analysis suggests that, given EMU's present...

The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our analysis suggests that, given EMU's present...

Setzt der im letzten Jahr ins Leben gerufene Euro-Rettungsschirm wesentliche Grundprinzipien des Maastricht-Vertrags außer Kraft? Folgt der Einstieg in eine Transferunion?