18.01.2019 - Studies
The Stability and Growth Pact has not achieved its objective of "guaranteeing sound public finances” in EMU.
However, where fiscal policy dominates monetary policy and money is used as a financing instrument by governments, price stability generally suffers. German savers must therefore change their investment behaviour: Away from investment in nominal values (money and bonds) and towards investment in real values (notably equities).
Please note: This study is available in German only.
Download study as PDF (Reading time 18 min)