With troubles in the European Monetary Union (EMU) showing great persistence, the emergency measures and ad-hoc crisis management of European authorities has been subject to harsh criticism. The current fierce debate among economists and the broad public has given rise to two camps advocating...

Summary With troubles in the European Monetary Union (EMU) showing great persistence, the emergency measures and ad-hoc crisis management of European authorities has been subject to harsh criticism. The current fierce debate among economists and the broad public has given rise to two camps...