This paper investigates the causes behind the euro debt crisis, particularly Germany's role in it. It is argued that … threaten the euro's survival. The crisis in Euroland poses a global "too big to fail" threat, and presents a moral hazard of … perhaps unprecedented scale to the global community. -- Euro ; Monetary Union ; Banking Crisis ; Balance-of-Payments Crisis …

originated from the financial convergence that followed adoption of the euro. …

depressed euro that boosted German extra-area exports. But the crisis that started in Euroland's so-called periphery has … meanwhile reached the core. With pro-euro sentiments dwindling fast across the European Union (EU), the future of the euro … turn out to be a double-edged sword. In case of a euro breakup, swift appreciation of the new deutschmark would abruptly …

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 …