the ESM must function as a lender of last resort for states. Furthermore the public costs of bank-bailouts are to a …, such as those foreseen by the ESM. Instead this money should be paid for by genuinely European funds, raised by European …

the sovereign risk premium. We show that a single EU bank resolution mechanism, European Stability Mechanism (ESM) direct …

This study presents a core-periphery model to determine the optimal size of the European Stability Mechanism (ESM …, the core's incentive for setting up an ESM stems exclusively from the spillover effects present in the case of periphery … default. The model develops regional best response functions, determining a set of feasible ranges for the total ESM size …

, the eurozone and beyond. We argue genesis of this crisis lies in the integration negotiations of 1991, ratified in 1992 …. These produced a flawed economic model within the eurozone. Given the seeds of decay were planted at origin; we argue the … solution can be found through a reconstructed eurozone via looser integration, where countries less equipped to deal with the …