Since the financial crisis of 2008/09, the world's major central banks have been struggling to return their economies to higher growth and to reach their inflation targets. This concise book analyzes the importance of central bank policies for the economy, and specifically investigates the reasons why they have failed to steer inflation as desired. The author, the Chief Economist at Allianz SE, argues that, in an environment of great uncertainty concerning the pass-through of monetary stimulus to the economy, central banks should not focus too narrowly on inflation targets, but should increasingly take the side effects of their actions into account. In particular, he contends that they must seek to minimize the risk of financial booms and busts in order to maximize long-term growth and prosperity. Building on existing research and contributing to the current debate, the book offers a valuable reference guide and food for thought for policymakers, professionals and students alike.

Experts present their analyses of historical developments as well as new economic challenges for the European Union. Contributors, representatives from major banks and academia, point out the dramatic economic shifts among and within Europe, Asia, and the United States. At the bottom line of this EU analysis are major implications for investors, managers, policymakers, and the public at large in both the EU and the rest of the world.

Despite the success of policymakers and the European Central Bank in calming down financial markets since the summer of 2012, European leaders are still facing formidable challenges in making the single currency work in a complex environment. This book starts with a review of the necessary elements of a currency union and highlights the reasons why the system has run into its present troubles. It points to important policy recommendations to be drawn from a structural analysis of the currency union, achievements and failures of the currency union and ways to improve fiscal sustainability and arrive at stable macroeconomic performance for the union. It highlights the importance and the effectiveness of structural reforms that have to accompany fiscal consolidation and discusses the appropriate tools of crisis management and why a restructuring of the Eurozone is not the right step. Based on these considerations, a long-term target picture for the Eurozone as a part of the EU is outlined, providing a valuable contribution to a hopefully intense public debate in the coming years.

Despite the success of policymakers and the European Central Bank in calming down financial markets since the summer of 2012, European leaders are still facing formidable challenges in making the single currency work in a complex environment. This book starts with a review of the necessary elements of a currency union and highlights the reasons why the system has run into its present troubles. It points to important policy recommendations to be drawn from a structural analysis of the currency union, achievements and failures of the currency union and ways to improve fiscal sustainability and arrive at stable macroeconomic performance for the union. It highlights the importance and the effectiveness of structural reforms that have to accompany fiscal consolidation and discusses the appropriate tools of crisis management and why a restructuring of the Eurozone is not the right step. Based on these considerations, a long-term target picture for the Eurozone as a part of the EU is outlined, providing a valuable contribution to a hopefully intense public debate in the coming years.

Experts present their analyses of historical developments as well as new economic challenges for the European Union. Contributors, representatives from major banks and academia, point out the dramatic economic shifts among and within Europe, Asia, and the United States. At the bottom line of this EU analysis are major implications for investors, managers, policymakers, and the public at large in both the EU and the rest of the world.

Trotz des Eingreifens der Politik und der Europaischen Zentralbank stehen die europaischen Staats-und Regierungschefs noch immer vor grossen Herausforderungen bei der Einfuhrung der Einheitswahrung in einem stetig wachsenden Euro-Raum. Dieses Buch beginnt mit einem UEberblick uber die notwendigen Elemente einer Wahrungsunion und beleuchtet die Grunde, warum die aktuelle Situation entstanden ist. Es enthalt wichtige politische Empfehlungen fur die Wahrungsunion, Erfolge und Misserfolge der Wahrungsunion und analysiert Moeglichkeiten zur Verbesserung der Tragfahigkeit der oeffentlichen Finanzen und damit zu einer stabilen gesamtwirtschaftlichen Leistung. Das Buch unterstreicht die Bedeutung und die Wirksamkeit der Strukturreformen, Haushaltskonsolidierung zu begleiten, und diskutiert die entsprechenden Werkzeuge des Krisenmanagements und warum eine Umstrukturierung der Eurozone nicht der richtige Schritt ist. Basierend auf diesen UEberlegungen wird eine langfristige Perspektive fur die Eurozone als Teil der EU skizziert, die einen wertvollen Beitrag zu einer hoffentlich intensiven oeffentlichen Debatte in den kommenden Jahren leistet.