German Federal Constitutional Court makes right decision on Draghis OMT programme
I am relieved that the court realized that the program is limited through the available short-term debt issued by governments and that an ESM program (ESM: European stability mechanism) has to be in place. Hence, risks to the tax payers (in Germany and elsewhere) are limited. In any case, any type of monetary policy imposes risks to national budgets, as any policy may imply gains or losses. The decision reduces uncertainty in markets, which against the backdrop of the British referendum is extremely helpful. The decision enhances the credibility of the ECB and of the common currency.
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Related Publications
Aktuelle Trends: Produktivität im Ost-West-Vergleich: Ostdeutschland holt langsam weiter auf
in: Wirtschaft im Wandel, 2, 2016
Abstract
Ostdeutschland holt bei der Produktivität weiter auf, aber eben nur sehr langsam. Dies zeigen die im März 2016 veröffentlichten Daten des Arbeitskreises „Volkswirtschaftliche Gesamtrechnungen der Länder“. Nach zügigen Fortschritten in der ersten Hälfte der 1990er Jahre hat sich der Aufholprozess bei der Produktivität gegenüber Westdeutschland danach deutlich verlangsamt und kommt inzwischen höchstens in Trippelschritten voran.
