The purpose of this paper is to emphasise the importance of Europe's structural problems and governance as the cause of the current crisis. The euro may have led to bubbles, but member economies were not free of trouble before the euro. Many members were losing competitiveness and in need of...

Here we explain the features of the flow of funds in Japan across time by using the flow-of-funds table. We prove that the volume of the flow of funds has decreased in various sectors compared with the boom period of the 1980s. Especially in recent years, an increased volume of corporate...