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Displaying results 1 to 10 of 585.

• Projects // 01.02.2025

  The role of fiscal policy for monetary decision making in the ECB – Empirical diagnosis and monitoring ECB transparency

  prompted a debate regarding the extent to which fiscally motivated considerations of high sovereign debt could increasingly influence monetary policy decisions, potentially undermining the ECB's primary
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  Press Releases // 07.11.2024

  Germany Needs a Government Capable of Acting as Soon as Possible

  the coalition has collapsed. It’s also short-sighted to think that adhering to the debt cap will be the solution. The debt brake has triggered the coalition collapse, but it’s not its root cause. Germany
• Publications // 31.10.2024

  Refereed Journal - Die Schuldenfinanzierung von NextGenerationEU: Gekommen, um zu bleiben?

  macroeconomically significant debt has been incurred via the European Union (EU) budget for the first time. It is controversial whether this marks the start of continuous EU debt. This article analyses the [...] possible perpetuation. The analysis differentiates in accordance with the NGEU structure between EU debt that is used (i) for loans to Member States, (ii) for grants to Member States and (iii) for EU programs [...] rather declining consensus on desirable European public goods. The analysis concludes that new EU debt on an NGEU scale is unlikely without the catalyst of an acute crisis.
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  Press Releases // 24.10.2024

  “It’s Time for the Public to Wake Up”

  health care to pensions. Prioritisation is now essential. Even slightly higher debt levels after a potential reform of the debt brake wouldn’t change this. What we need now is a responsible fiscal policy [...] as challenging as it is today. Following the shock of the Federal Court of Justice’s ruling on the debt brake, which ended the practice of creative off-budget accounting, the economic downturn is now hitting
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  Press Releases // 10.09.2024

  ZEW Economist Friedrich Heinemann on Draghi’s Report on European Competitiveness

  single market, distorting it. However, he barely addresses the risks posed by unsustainable public debt in highly indebted countries. This represents a problematic reversal in the recognition of responsible [...] budget, the focus, as in all high-profile reports on behalf of the Commission, is on large additional debt-financed EU programmes. The idea is to mobilise hundreds of billions of euros through regular EU bond [...] Germany or the Netherlands. This suggests that market doubts about the EU’s ability to repay its debts in the coming decades will prevent an increasingly indebted EU from becoming a truly safe investment
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  Press Releases // 08.07.2024

  Euro’s Reputation Damaged – Conflicts over Fiscal Policy Expected

  little chance, given the Franco-German disagreement on the direction of the integration project. New EU debt is also likely to be off the table. Financial solidarity during COVID-19 was justified because the [...] Paris to reduce deficits. However, France is considered a clear case of ‘too big to fail’. A French debt crisis would trigger a global financial crisis and could destroy the euro. So even a left-populist [...] their lax and politicised interpretation of the Stability Pact and interest rate guarantees for high-debt states have encouraged the election of populists at both ends of the spectrum. It would also play
• Publications // 27.06.2024

  ZEW Monthly - 06/2024 — Public Finances

  supplementary budget, public finances have been on everyone’s lips. Shadow budgets, special funds, and EU debt are fuelling the debate on proper and transparent budget management.   Against this
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  Press Releases // 01.07.2024

  Easing the Debt Brake? Not without Clear Prioritisation

  Discussions on easing Germany’s debt brake are gaining momentum. Given the urgent need for future investment in infrastructure, education and digitalisation, a possible relaxation of this fiscal rule is [...] . However, a study by ZEW Mannheim, supported by the Strube Stiftung, concludes that relaxing the debt brake would likely lead to increased consumptive spending, which would benefit short-run interests [...] Finance” Unit. “Policymakers need to better prioritise the available budgetary funds. A reform of the debt brake, together with a verifiable increase of the future quota, can offer a solution and promote more
• Projects // 01.10.2023

  ZEW Private Debt Survey

  The main objective of the ZEW Private Debt Survey is to enhance the knowledge of market participants about the European private debt market. The focus of the survey are overall conditions of the European [...] European Corporate Direct Lending, Real Estate Debt, and Infrastructure Debt markets.
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  News // 25.06.2024

  “More Job Changes Would Benefit Us”

  easing the debt brake to finance tax cuts? I don’t understand why easing the debt brake is often mentioned as the only way to address these problems. We certainly have some leeway with debt, but it’s not [...] come from? The French and British managed it. HB: But they don’t have a debt brake. That’s true. France accepted higher new debt. But that’s an investment in the country’s attractiveness. In France, this [...] not that significant. So, the discussion about the debt brake is a distraction: The state cannot bear the necessary investments for the transformation alone; we need private capital. Therefore, we need