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

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

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

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 …

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 …