The proportionality principle, as the cardinal principle of international law, includes a necessity and a proportionality test, both of which rest on empirical premises. The necessity test involves an assessment of whether a legal sanction is well-suited to achieve its objective. The...

The proportionality principle, as the cardinal principle of international law, includes a necessity and a proportionality test, both of which rest on empirical premises. The necessity test involves an assessment of whether a legal sanction is well-suited to achieve its objective. The...

The Western Balkan countries and the countries of the Eastern Partnership are moving towards European Union accession at different speeds. We explore whether and how the variable speed towards EU accession can be traced to different legal regimes governing European integration: Stabilisation and...

Evidence-based policy remains an unfulfilled ambition given political constraints. On one hand, academic policy advice is widely acknowledged as indispensable, with policymakers stressing the relevance of external policy advice for policy formulation. On other hand, the impact of policy advice...

We explore legal leeway for two approaches to debt-financing European Union spending: creation of extra-budgetary, one-off and temporary EU funds to finance European public goods (similarly to NextGenerationEU), and debt-financing the EU's regular budget, hence creating an on-budget, permanent...

Austerity measures alone will not suffice to generate the growth needed for recovery in Greece, Portugal, Spain and Italy. A European Recovery Programme is necessary to stimulate growth through structural reforms and fiscal stimulus. This contribution describes policy areas where non-fiscal...

This study identifies commonalities between two historical incidents of debt assumption - in the United States in 1791 and in present-day Europe. By comparing the interests and behaviour of key players in these two incidents, we find three major parallels: First, in their strategic interactions,...

China hat im Juni angekündigt, seine starre Währungspolitik zu lockern. Die chinesische Zentralbank lässt aber wohl auch künftig nur geringfügige Änderungen des Wechselkurses zu. Die Möglichkeiten des IWF, der WTO oder einzelner Staaten dieser Währungspolitik entgegenzutreten, werden...