The European Central Bank (ECB) took many measures to combat the eurozone’s rolling financial crisis. For providing … desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we … October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in …

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have … warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific …

The conflicting standpoints on reforming the euro are creating more controversies than practical results. Mistrust …, reforming the euro successfully calls for a convincing high-level commitment to preserve the euro also in unexpected …

euro as their currency and recent research has shown that countries currently pursuing this goal indeed fulfill the …

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 …

European banks have been criticized for holding excessive domestic government debt during the recent Eurozone crisis …, which may have intensified the diabolic loop between sovereign and bank credit risks. By using a novel bank-level dataset … covering the entire timeline of the Eurozone crisis, I first re-confirm that the crisis led to the reallocation of sovereign …

unemployment re-insurance scheme for the euro area. Running counterfactual simulations based on household micro data for the period … asymmetries in labor market shocks would have raised the income insurance of a typical unemployment insurance scheme in the euro …

holdings in response to non-standard monetary policy shocks, thereby possibly promoting the sovereign-bank nexus, i.e. the … exposure of banks to the debt issued by the national government. Our results suggest that euro area crisis countries' banks …

We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy …