the risk of a new sovereign debt crisis in this decade if it is not possible to bring public debt down to an acceptable … approach 100% on average. There are various calls to abolish or soften the Maastricht rules of limiting sovereign debt. We see …Debt levels in the eurozone have reached new record highs. The member countries have tried to cushion the economic …

proximity, or rule of law traditions across countries do not seem to affect estimated spillover effects … the effect of a sovereign credit rating change of one country on the sovereign credit spreads of other countries for 155 … significant effect on sovereign credit spreads of other countries. This effect is asymmetric: positive ratings events abroad have …

shocks. Overall, our results show that the recent sovereign debt crisis was not associated with large-scale investor …Using high-frequency data we document that episodes of market turmoil in the European sovereign bond market are on …

European Banking Union history and the current trends of the bank mergers, two relevant questions arise. Firstly, it is not …The paper shall begin by covering the main incentives of banks to engage in Mergers and Acquisitions. It will shortly … present the current European Bank Union situation, with its goals and future agenda. Following that, the legal framework of …

segments of its membership. The crisis programs, with Greece, Ireland, Portugal and Cyprus, all revolved around debt …The book explores the Fund's engagement in Europe in the aftermath of the 2008 global financial crisis, and especially … eastern and southeastern Europe but also the United Kingdom, where the political fallout from post-financial crisis populism …

, coinciding with significant either the DOWN in the pre-crisis period (2008-'10) or the DEBT in the post-crisis one (2011-'13) on … focus on “fiscal space” (DEBT or FISCAL), and the downgrade announcements (DOWN). We find DEBT (FISCAL) to have significant …We investigate the relationship of the market pricing of sovereign risk to default, through CDS spreads for 16 Eurozone …

explosion of the Greek crisis was due to deteriorating macroeconomic and fiscal fundamentals or to some form of financial … creditworthiness of a sovereign borrower (wake-up-call contagion) and behaviour not linked to fundamentals (pure contagion). We find …We test whether the sharp increase in sovereign spreads of euro area countries with respect to Germany after the …

theoretically, show its workings empirically by a case study of the Eurozone crisis, and discuss its scope conditions. We surmise … harmful. The European Central Bank saved the Euro in 2012 not by enforcing the monetary financing prohibition or the no …We argue that the independent agency of EU institutions can serve not only to tie the member states to previous policy …

particular, we show that being a weakly capitalized bank is not related to higher holdings of domestic sovereign debt. While a … strong link is present between central bank liquidity support and sovereign holdings, opportunistic strategies or reach … bonds. Furthermore, we document that financial fragmentation in EMU markets has played a key role in reshaping sovereign …

the burst of the Greek crisis on October 2009 is due to a deterioration of the macroeconomic and fiscal scenarios, or to … fundamentals also indicators of domestic and external imbalances which, before the crisis, were ignored by economists and policy … countries, notably Italy and Spain, experienced with the crisis a large overshooting of their spreads with respect to the new …