economic constitution for Europe in which several pillars supposedly aim at ensuring sound money in the Eurozone. The policies …German policy during the Eurozone crisis supposedly follows an ordoliberal tradition. In this paper, we discuss to what … extent this contention holds and to what extent Germany pragmatically responded to different crisis phenomena. A proper …

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 …

We analyse the background of the Greek debt crisis and evaluate the three Greek financial assistance programme. The …

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 …

benign exit from the Eurozone with stable investor expectations could substantially dampen the short-run impact …

European banks have been criticized for holding excessive domestic government debt during the recent Eurozone crisis … covering the entire timeline of the Eurozone crisis, I first re-confirm that the crisis led to the reallocation of sovereign … debt from foreign to domestic banks. In contrast to the recent literature focusing only on sovereign debt, I show that the …

How will sovereign debt markets evolve in the 21st century? We survey how the literature has responded to the eurozone … debt crisis, placing "lessons learned" in historical perspective. The crisis featured: (i) the return of debt problems to …-over problems and self-fulfilling crisis dynamics; (iv) severe debt distress without outright sovereign defaults; (v) large …

imbalances since the euro introduction and thereby the current European debt crisis. Based on this finding we argue that an … imbalances ; inter-temporal savings ; financial crisis ; euro crisis ; European debt crisis ; theory of optimum currency areas …In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current …