Die Zustandsbeschreibung der aktuellen gesellschaftlichen und wirtschaftlichen Lage als geprägt durch multiple Schocks und Krisen erscheint heutzutage redundant, nahezu banal. Umso wichtiger ist es aber für politische Entscheider einen Umgang mit der sich daraus ergebenden Unsicherheit zu...

During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the...

During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the...

[I. EMU, a Unique Experiment] The European Monetary Union (EMU) represents an unprecedented institutional arrangement. Never before in history have states, while maintaining their individual sovereignties, voluntarily renounced their national currencies in favour of a new common currency and...

The financial crisis which started in 2007 has caused a tremendous challenge for monetary policy. The simple concept of inflation targeting has lost its position as state of the art. There is a debate on whether the mandate of a central bank should not be widened. And, indeed, monetary policy...