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 … extremely vulnerable to systemic banking problems and abruptly deteriorating public finances. Debt legacies and high …

Griechenlands aus dem Euroraum laut. Insbesondere in Deutschland wird befürchtet, dass ein Austritt einzelner Länder oder gar ein … Deutschland aufgrund seiner hohen Exportorientierung und jahrelanger Lohnzurückhaltung mehr als alle anderen EWU …-Mitgliedsländer vom Euro profitiere. Vor diesem Hintergrund untersucht der vorliegende Beitrag, welche Konsequenzen ein Austritt einzelner …

This paper investigates the causes behind the euro debt crisis, particularly Germany's role in it. It is argued that … the crisis is not primarily a "sovereign debt crisis" but rather a (twin) banking and balance of payments crisis. Intra …-area competitiveness and current account imbalances, and the corresponding debt flows that such imbalances give rise to, are at the heart …

worsen German competitiveness and the German economy would crater as a result. Additional wealth losses on Germany …'s international investment position would also loom. Appreciating Germany's own vulnerability to the euro crisis should help the … also good for the authorities in euro partner countries to recognize. Germany is bound to catch up with the reality that it …

This paper investigates the causes behind the euro debt crisis, particularly Germany's role in it. It is argued that … the crisis is not primarily a “sovereign debt crisis” but rather a (twin) banking and balance of payments crisis. Intra …-area competitiveness and current account imbalances, and the corresponding debt flows that such imbalances give rise to, are at the heart …

, increasing convergence with the core Euro countries. However, the debt crisis dramatically worsened citizens’ perceptions of … of governance and inequality. Results show that despite divergent economic growth in the Euro periphery countries after … the 2011-13 Euro crisis, the quality of services and level of regulation did not deteriorate or indeed improved …

After reviewing the main determinants of the current Eurozone crisis, this paper discusses the feasibility of … austerity measures in order to abide by their commitments with Eurozone institutions and the IMF. We show that the introduction … of fiscal currencies would speed up the recovery, without violating the rules of Eurozone Treaties. At the same time …

This paper studies the emergence of sovereign bond yield spreads in the Eurozone prior to the financial crisis. While … spreads were close to zero in European government debt markets until the mid-2000s, they have persistently widened since then … reform, was the institutional change triggering the emergence of sovereign spreads in the Euro Area. Conditional eligibility …

economic constitution for Europe in which several pillars supposedly aim at ensuring sound money in the Eurozone. The policies …German policy during the Eurozone crisis supposedly follows an ordoliberal tradition. In this paper, we discuss to what … extent this contention holds and to what extent Germany pragmatically responded to different crisis phenomena. A proper …