two deficits is asymmetric and the negative impact of the recent Eurozone banking and sovereign debt crisis on the current … positive impact of the budget balance on the current account balance is higher in the cases of non-Eurozone countries, high … budget deficit countries, and low exports countries, whereas it is lower in the cases of Eurozone countries, low budget …

bond markets in the euro area over the period January 1999 to July 2016. Second, we estimate the impact of ECB policy …, but also indirectly through changes in banking risk. Overall, the actions of the ECB have operated as catalysts for …