joining the Euro were completely eroded. Growth accounting analysis reveals that the source of the problem was the reliance on …

Euro as soon as possible. The fervour seems to have cooled somewhat in the meantime. This paper will argue that there are …

potential threat to sovereign bond market stability in the euro area; these markets had disintegrated during the “euro crisis … risk-sharing in the European Union are underway. However, the single (capital) market will be burdened by a perennial …“. While several reforms related to the institutional architecture of the euro area, such as major parts of the banking union …

, risk-sharing, and more independence from the banking sector could increase the effectiveness of monetary policy in the euro …

that a unified capital market should have a centralized capital markets regulator to avoid a hazardous regulatory race to …

reliance of European investors on banks and build up a market-based risk-sharing channel between member states. Our empirical … provide evidence that (i) financial flows are generally pro-cyclical; (ii) market-based risk-sharing mechanisms tend to break … systemic financial crisis. During the Great Recession, failing market risk-sharing was replaced by the ECB through the cross …

Compared to the U.S., the euro area has been underperforming in the wake of the Great Financial Crisis (GFC). This … holds especially true for peripheral euro area economies. Whereas the U.S. is characterised by a financial system dominated … by arms’ length (capital-market oriented) interaction between providers and users of funds, in Europe, in many cases …