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

bond markets and improved economic sentiment, as reflected in higher equity prices. In contrast, passive euro liquidity …

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

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 …