We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the … in euro area member countries. Our results suggest that TARGET2 has significantly affected the transmission of capital ow …

Low international competitiveness of a set of euro area countries, which have become evident by large current account … analyse the role of private restructuring and public structural reforms for the urgently needed readjustment of intra-euro … intra-euro area competitiveness. This implies that private restructuring and public reforms are rather than public transfers …

In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current … imbalances since the euro introduction and thereby the current European debt crisis. Based on this finding we argue that an …

balances, the common monetary policy may not be optimal for all of them. Euro area imbalances for potential output and for …

Evaluation of the financial costs of a Eurozone breakup depends critically on the interpretation of TARGET balances …. While it has been argued that TARGET claims in the Eurozone can be written off without incurring any losses on the claimants …