The issue of financial instability has been intensely debated over the past few decades both within the academia and by the economy decision-makers. The complexity of the concept and the range of meanings hinder the development of a general, unanimously accepted definition. However, the...

The financial and economic global crisis has exacerbated some of the imbalances existent in all EU Member States, in particular the fiscal-budgetary imbalances. For some countries whose currency is euro, the fiscal and budgetary challenges seem to threaten even the stability of the euro area....