last resort, measures aimed at coordinating creditors in crises, and a tax on short-term capital flows. These measures may …

effective in countries with high external debt; and (iv) is less effective in countries with high capital account openness. We …

financial stability. It sets the issues in the broader framework of financial globalization and international capital mobility … internal stability in the euro area and has promoted a dynamic development of capital markets. But in some respects, monetary …

suggests that it was not the exchange rate regime followed that mattered for deeper integration but the presence of capital … century forbearers. To obtain access to foreign capital they may need a hard peg to the core country currencies, or else can … resort to capital controls. Thus the key distinction between the exchange rate regime of core and periphery countries both …

that ECB liquidity and official external assistance have cushioned the exit of private capital flows for some countries. …