policy-induced variations in stock returns. Finally, monetary contractions have a larger impact on consumption in Germany and …

This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new … institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … to achieve a number of design objectives, and this may continue, as long as Germany does not shirk its growing …

process in Greece, Spain, Ireland, and Portugal and, by way of contrast, in Germany, a country that did experience a reform …