policies. Starting from the view that the crises in the euro zone were basically triggered by financial markets and reinforced …

side or a state behind it, just as the euro, Europe's common currency that the ECB is tasked with guarding, is a … 'denationalised' currency. The euro area is a rare exception to the global 'one state, one currency' rule. But the ECB is not the only … central bank in the euro area. Rather, the ECB is designed as the headquarters (or perhaps 'cockpit') of the Eurosystem, the …

suitable to its specific economic, social, and political context. Alternatively, the euro area will have to create a fiscal …