mitigated funding needs and reduced interbank stress, and has had a significant impact on sovereign bond yields in southern euro … particularly in the southern euro area. Underlying structural problems relating to banks, the macroeconomic adjustment and the euro …

The crisis has underlined the strong interdependence between the euro-area banking and sovereign crises. To understand … required. The data shows that at the start of the crisis, most continental euro-area countries were characterised by the large …. Consequently, concern about sovereign solvency was bound to have major consequences for banks. The structural vulnerability of euro …

corporate taxes shifted to euro-area level; (ii) a support scheme based on deviations from potential output;(iii) an insurance …

The search for solutions to the euro crisis is based on a partial diagnosis that overemphasises the lack of enforcement … of existing fiscal rules. Europe's leaders should rather address the euro area's inherent weaknesses revealed by the … crisis. At the core of euro-area vulnerability is an impossible trinity of strict no-monetary financing, bank …