This paper first describes the ingredients the present crisis in the euro zone and then evaluates the key options that … was involved as well. I argue that a more fundamental problem is that the euro zone lacks an adjustment mechanism for …

This paper first describes the ingredients the present crisis in the euro zone and then evaluates the key options that … was involved as well. I argue that a more fundamental problem is that the euro zone lacks an adjustment mechanism for …. -- Euro ; Sovereign risk ; Sovereign default ; Government solvency ; Lender of last resort ; External balance ; Balance of …

Countries in the euro area periphery borrowed heavily from abroad in the years leading up to the sovereign debt crisis … not as harsh as might have been expected, owing to the workings of the euro area's system for managing cross … credits extended collectively by euro area central banks to central banks in the periphery …

euro area. This paper proposes a new explanation for the imbalances which led to the 2009 euro crisis i.e. large interest … rate differentials among the EMU-12 countries which prevailed before the adoption of the euro. This finding suggests that … the euro crisis was, at least to some extent, a consequence of the initial convergence shock …

institutions. We examine the impact of the euro on the labour, capital and goods markets and ask if membership of the euro is …

current monetary unions, especially the euro. Each successive annual edition of this book will be priced in the remaining …