aggregate debt loads are rendering monetary- and fiscal policy-impaired governments and segments of society insolvent and …

elsewhere. It argues instead that Europe had not only contributed handsomely to the buildup of global imbalances since the 1990s … homemade intra-Euroland and intra-EU imbalances, the simultaneous implosion of which has further aggravated Europe … inherited from Germany's mercantilist past and Bundesbank mythology. Steps toward a fiscal union to back the euro are also …

complex financial markets in synthetic collateralized debt obligations-CDOs. Guided by invisible hands, supplies balance … less sure. The market might not work. It needs a bit of coaxing. Imbalances can persist. Market forces can be rather … economists see the Global Financial Crisis as a consequence of domestic and global imbalances. The most common story blames the …

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

The euro crisis remains unresolved even as financial markets may seem calm for now. The current euro regime is … the euro are assessed and found lacking. A "Euro Treasury" scheme operating on a strict rule and specifically designed not … defects. The Euro Treasury proposed here is the missing element that will mend the current fiscal regime, which is unworkable …

Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing … institutions and the policymakers that run them have responded in a fashion that has consistently thwarted debt …

The paper discusses the trajectories of the Greek public deficit and sovereign debt over the last three decades and its …

, this paper analyzes how the resulting euro contradiction conditioned the ongoing euro crisis as well as current strategies … to resolve it. While Germany generally prevailed in hammering out the design of the euro policy regime, the German … misunderstanding has made Germany the main culprit in the euro crisis, but it has yet to face the full consequences of its actions …

Conventional wisdom suggests that the European debt crisis, which has thus far led to severe adjustment programs … common currency-the euro-was at best minimal. This paper aims to show that, contrary to conventional wisdom, the crisis in … Europe is the result of an imbalance between core and noncore countries that is inherent in the euro economic model …