The euro area will not have a centralised budget and smoothing of country-specific asymmetric shocks via private …

is described using a stochastic regime-switching model; second, the euro area governments’ responses to uncertain … macroeconomic policies in Greece are considered. The model's mechanism and assumptions allow either for a Grexit from the euro area … understand key drivers of the long-winded negotiations between the Syiza government and the euro area governments. …

It is often disregarded that the euro is first of all a public good based on common institutions such the European …

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