Die Finanz- und Eurokrise sind das gegenwärtig wichtigste wirtschaftliche und wirtschaftspolitische Thema, welches auch wirtschaftswissenschaftlich noch stärker untersucht und diskutiert werden sollte. Etliche Akteure haben zu diesen Krisen beigetragen, darunter auch...

It is not easy to untangle the logic that in the past led to creation of the European Monetary Union (EMU) and that is currently guiding the prevailing Eurozone (EZ) policies. Although lacking the right institutions, which can be seen as the ultimate root of its crisis, the ten years of the EMU...

Many people can now see that the EU project has lost touch with the normal arrangements that govern successful western economies. But less obvious is that the EU’s financial system and its legal underpinnings are weak. As this analysis shows, EU law sidesteps the Basel standards – the...

In this paper I outline – from a practitioner’s as well as from a researcher’s perspective – several of the key developments that took place during the last century in monetary policy. In particular, I describe how the monetary system evolved from gold standard, prevailing throughout...

Since the beginning of the transition process from centrally planed to market economies, East European countries have experienced relatively high inflation and a market depreciation of their currency. Their monetary systems have gone through dramatic changes in the recent ten years, making the...

This article investigates the potential impact of a shift in market expectations about a country’s eurozone entry date on long-term yields and the spot exchange rate in a simple uncovered interest parity (UIP) framework. The results suggest that the size of the reactions depend on how far the...

Since the beginning of the transition process from centrally planed to market economies, East European countries have experienced relatively high inflation and a market depreciation of their currency. Their monetary systems have gone through dramatic changes in the recent ten years, making the...