1. Regulatory reasons for the crisis <br>2. Refinancing credit and Target balances <br>2.1 Target balances <br>2.2 Target balances and fiscal rescue credit <br>2.3 The lowering of collateral standards for refinancing credit <br>2.4 Indirect state financing via refinancing credit to commercial banks <br>3. ECB...

CESifo Forum 1 / 2003 Special: Paper presented at the Academy of Sciences of Northrhine-Westphalia on 13 November 2002. This paper is based on Hans-Werner Sinn, Die rote Laterne, Die Gründe für die Wachstumsschwäche und die notwendigen Reformen, ifo Schnelldienst 55, 2002, No. 23, 17 December...

This chapter argues that traditional social programmes of the modern welfare state have concentrated on replacing the earnings which are not enjoyed by those without jobs.This offers an incentive to those capable of earning only very low wages to qualify for (higher) benefits by declining jobs...

This chapter addresses questions about the effect of the introduction of the euro on price differentials across the Union and also on the cost of capital in its member countries, which may account for capital flows from the slow growing centre to the more buoyant peripheral states. Nominal...

This chapter re-examines the case for reforming the Common Agricultural Policy. The health and environmental aspects of modern agriculture have been highlighted by British experience with BSE and FMD. Historically, agricultural support has been rationalised by reference to security of supply,...