explained by different market constellations which are characterised by different sets of institutions. political and cultural … as well as implicit or explicit mechanisms of coordination between key macroeconomic policy areas in particular. A market … participation theory of economic policy based on market constellations may help to bridge the gap between nomocratic policy denial …

In this paper, sound public finances under the euro means sustainability in the long term instead of short- and medium …-term fiscal discipline. The challenges to sustainability are identified for the four largest euro area member states, and several … resort for a euro area government under liquidity shortage to prevent it from developing into a general financial crisis …