This paper argues that the key issue for defining and solving the Eurozone’s (EZ) difficulties lies in readjusting the … essence of today’s crisis we analyze to what extent a ‘troubled’ periphery EZ member can negotiate a bailout from the center …

The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the … political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our … analysis suggests that, given EMU’s present political-economic set-up, i) the bail-out was unavoidable, ii) the lengthy process …

and in actual policymaking, is to link negotiations on climate change control with decisions concerning international R …