Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find …, a rise in the income elasticity after 2001 is taken into account. The break might be linked to the introduction of euro …

The Greek government budget situation plays a central role in the debt crisis in the euro area. The debt to GDP ratio …. Under realistic conditions, a debt conversion may be the less costly strategy for Greece and the euro area partner states. A … value-added of these calculations lies in a potential transfer to smaller euro area member countries. …