This paper investigates the causes behind the euro debt crisis, particularly Germany's role in it. It is argued that … the euro's survival. The crisis in Euroland poses a global “too big to fail” threat, and presents a moral hazard of …

This paper reviews the performance of the euro area since the euro's launch 20 years ago. It argues that the euro … crisis has exposed existential flaws in the euro regime. Intra-area divergences and the corresponding buildup of imbalances … unemployment continue to plague euro crisis countries. Its huge current account surplus highlights that the euro currency union …

inherited from Germany's mercantilist past and Bundesbank mythology. Steps toward a fiscal union to back the euro are also …