This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new … institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … to achieve a number of design objectives, and this may continue, as long as Germany does not shirk its growing …

All of the attempts to end the euro crisis and to return the Eurozone countries to healthy growth rates of income and … Eurozone countries. I describe some of these fiscal options after reviewing the history of failed attempts and the options that …

lending. We test the model in the context of the Eurozone sovereign crisis, which escalated in the second half of 2011 and … dollar funding, there were significant violations of euro-dollar CIP. Moreover, dollar lending by Eurozone banks fell …

recent Eurozone crisis. We propose a model to analyze and understand bailouts in a monetary union, and the large observed …