derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national … currency with the euro, but can choose when to request permission to do so). For most of these countries, adopting the euro … convergence with the rest of the euro area. …

This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone … deficit and high debt euro area countries, and has forced governments to assume additional risk …