In this paper we provide empirical evidence documenting the nature of the Eurozone's fragility. We find that during … periods of turmoil, financial markets have tended to impose strong programs of austerity on member countries of the Eurozone … present in the Eurozone. Our policy conclusion is that the institutional changes that have been introduced in the Eurozone …

There is a wide consensus that the existence of structural rigidities in the Eurozone reduces the effectiveness of the … monetary policies in the US and the Eurozone countries. This consists in collecting the estimated transmission coefficients …