This paper analyses the reforms in the architecture of EMU since the eruption of the euro crisis in 2010. We describe … major weaknesses in the original set-up of EMU, such as lack of fiscal discipline, diverging financial cycles and … weaknesses in the EMU architecture in some way or the other, which is a major achievement. Yet, the effectiveness of the new …

This paper investigates the role that Eurobonds could play in making EMU stable in the long run. We establish that EMU … during the financial crisis. This type of shock can never be fully ruled out. EMU member states appear more vulnerable in … and moral hazard by using Eurobonds themselves to further enforce budgetary discipline. Even then, however, EMU governance …

This paper tests for the transmission of the 2007-2010 financial and sovereign debt crises to fifteen EMU countries. We …

at the business cycle frequency, price dispersion across EMU member countries over the 1960 - 2009 period is …

essential to quantifying the level of inflation corresponding to any given unemployment rate. Next, we point out that the EMU …

-tradable products. Compared to the US, the dispersion level of consumer prices has always been higher in the euro area, but EMU is …