Suchergebnisse

In this paper, the focus lies on the way the German government spends, how it spends and what the connection between finance ministry and central bank is. The institutions involved in the process are identified and discussed. As a member of the Eurozone, Germany's national central bank is not allowed to buy sovereign securities on its own account. The German government uses taxes and revenues from sovereign security issues to finance its spending, continuing the institutional framework that existed during the era of the deutsch mark. This description confirms the idea that 'the state spends first' also in the Eurozone and that it makes sense to consolidate central bank and government(s) even when a government is not issuing a sovereign currency.

The West has long been trying to decipher the "genome" of the Kremlin's policy. Many of these attempts are interesting and original, but there is at least one systemic problem in them—an attempt to find a universal model for explaining Russia's policy that would make it possible to understand it in its entirety, that is, to generalize separate events within one scheme.