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The euro area will not have a centralised budget and smoothing of country-specific asymmetric shocks via private …
We analyze the benefits and costs of a non-euro country opting-in to the banking union. The decision to opt-in depends …, non-euro countries participating in the banking union will not be on equal footing with euro area members. Analysis …-capitalized backstops is established it may be optimal for a non-euro country to join the banking union upon the euro adoption. Assessing …
, these processes could help the transition of the euro from its current status of single currency to a status of “common …
of the euro area. For this purpose, we differentiate between the departure of weak and strong countries, and examine the …