euro area member states to implement rescue packages during periods of crisis, at a high costto taxpayers. The bailout … the euro area economically feasible. This would strengthen the no-bailout rule which, again, is likely to result in an …, binding fiscal rules must be introduced in order that some sovereignty rights can be delegated to a central fiscal authority …

euro area member states to implement rescue packages during periods of crisis, at a high costto taxpayers. The bailout … the euro area economically feasible. This would strengthen the no-bailout rule which, again, is likely to result in an …, binding fiscal rules must be introduced in order that some sovereignty rights can be delegated to a central fiscal authority …

This paper analyzes country bailouts in a monetary union within a framework where sovereign default and exit from the …