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Perspektiven der Wirtschaftspolitik

Editor-in-Chief: Haucap, Justus

Ed. by Arnold, Lutz / Corneo, Giacomo / Grimm, Veronika / Horn, Karen / Schneider, Friedrich / Wagner, Franz / Winter, Joachim


CiteScore 2018: 0.37

SCImago Journal Rank (SJR) 2018: 0.225
Source Normalized Impact per Paper (SNIP) 2018: 0.798

Online
ISSN
1468-2516
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Volume 13, Issue 3

Issues

Die Europäische Fiskalunion Gedanken zur Entwicklung der Eurozone

Hans-Werner Sinn
Published Online: 2012-10-16 | DOI: https://doi.org/10.1111/j.1468-2516.2012.00383.x

Abstract

This paper argues that the European fiscal union and the measures of the ECB constitute a policy of excessively loose budget constraints in the Eurozone. They will slow down or hold back the real devaluation necessary for the southern countries to regain competitiveness and continue to cause capital flight as long as the printing press underbids the capital markets. The paper shows that Europe has the choice between two models: (i) free access to Target credits and eurobonds and (ii) the US model, with annual Target debt redemption and self-liability for any funds borrowed in the market. It suggests creating the United States of Europe following the US model as closely as possible.

About the article

Published Online: 2012-10-16

Published in Print: 2012-08-01


Citation Information: Perspektiven der Wirtschaftspolitik, Volume 13, Issue 3, Pages 137–178, ISSN (Online) 1468-2516, ISSN (Print) 1465-6493, DOI: https://doi.org/10.1111/j.1468-2516.2012.00383.x.

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[1]
Franz Seitz and Karl-Heinz Tödter
List Forum für Wirtschafts- und Finanzpolitik, 2016, Volume 41, Number 3, Page 311

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