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 …

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 …

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 …