Unlike the crisis years of 2007-2009 (when the insolvency of large banks was a major problem), the current round of the … global financial crisis has fiscal origins. Almost all developed countries suffer from an excessive public debt burden that … has been built up over the last two decades or more. The financial crisis caused a further deterioration of government …

Central Europe and between Central Europe vis-a-vis the euro area are strong. They increased over time, especially after the … EU entry and remained largely at these levels during financial crisis. The stock markets exhibit asymmetry in the …

policies. Starting from the view that the crises in the euro zone were basically triggered by financial markets and reinforced … reform the Eurozone. We propose a focus on general principles for fiscal governance reform aiming at a better economic …

This paper investigates whether comovements between euro area equity returns at national and industry level have … changed after the introduction of the euro. By adopting a regression quantile-based methodology, we find that after 1999 the … degree of comovements among euro area national equity markets has augmented. By explicitly controlling for the impact of …

between sector indexes. This trend is observed in both the euro area and the word-wide portfolios and is therefore not … diversification is more interesting for euro area portfolios. …

This paper discusses the global financial crisis of 2008/9 in thirteen countries, the ten new EU members that … dominant cause was fixed exchange rates. Many lessons can be drawn from this crisis. A dollar peg makes no sense in this part … eminently. The euro has proven credible both in the countries that officially adopted it and in the countries that adopted it …

This paper gives an overview of the causes of the European debt crisis and the consequences for the external relations …. It finds that political mishandling has increased uncertainty, which has contributed to a tendency for the euro to become …

The paper provides an analysis of the euro area money and bond markets and their infrastructure since the introduction … of the euro. Significant development in terms of integration took place in both markets in general to a various degree … but apply more generally to euro securities infrastructure, identifies fields where further action is required. This …

In the paper we test for the different reactions of stock markets to the current financial crisis. We focus on Central … changes in the energies on the scales during the current financial crisis. The results indicate that each of the tested stock … markets reacted differently to the current financial crisis. More important, Central European stock markets seem to have …