Through the euro area crisis, financial fragmentation across jurisdictions became a prime concern for the single … the credit intermediation chain is significant and quite heterogenous across the largest euro area countries. The … introduction of global portfolio frictions on euro area government bond holdings by international investors opens up for a larger …

The euro area experience during the financial crisis highlighted the importance of financial and sovereign risk factors … with its cross-country heterogeneity within the euro area, focusing on Germany, France, Italy, Spain, and rest-of-euro area …. We construct three stylised macro-financial scenarios as a synopsis of the euro area financial crisis and argue that the …

Through the euro area crisis, financial fragmentation across jurisdictions became a prime concern for the single … the credit intermediation chain is significant and quite heterogenous across the largest euro area countries. The … introduction of global portfolio frictions on euro area government bond holdings by international investors opens up for a larger …