Véron, Nicolas; Zettelmeyer, Jeromin - 2017
The euro-area crisis, which nearly destroyed Europe's Economic and Monetary Union (EMU) in 2011-12, was a result of … implicit guarantee of euro-area sovereigns by each other. Correspondingly, Europe had no institutions that could credibly … was one of gradual, and generally very slow, recognition of the unsustainability of the euro-area policy framework. The …