the bank has put its independence at risk. The bank’s vow to do “whatever it takes” to save the euro has added a second …

The euro area crisis is the main external factor threatening the Swiss economy. In 2010 and 2011, the Swiss franc was … rapidly appreciating against the euro, causing a drop in exports, losses for the tourism business and a rise in unemployment …. This paper gives an overview of developments in the euro area and explains the reasons for the strength of the franc, the …

bond markets and improved economic sentiment, as reflected in higher equity prices. In contrast, passive euro liquidity … provision and even active measures (policy rate reductions and bond market interventions) delivered modest results. Although …. Overall, the results point to the ECB’s limits in helping improve financial market’s sentiment …

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have …

In this paper, sound public finances under the euro means sustainability in the long term instead of short- and medium …-term fiscal discipline. The challenges to sustainability are identified for the four largest euro area member states, and several … resort for a euro area government under liquidity shortage to prevent it from developing into a general financial crisis …

First, we need to recall the initial objectives set for the euro and how these have changed over time, notably due to …