We analyze the benefits and costs of a non-euro country opting-in to the banking union. The decision to opt-in depends …, non-euro countries participating in the banking union will not be on equal footing with euro area members. Analysis …-capitalized backstops is established it may be optimal for a non-euro country to join the banking union upon the euro adoption. Assessing …

The asset purchase program of the Euro area, active between 2015 and 2018, constitutes an interesting special case of … peripheral Euro area governments, which were clearly not riskless. Moreover, these purchases were undertaken by national central …. This might seem incompatible with the observation that risk spreads on peripheral bonds fell when the Euro area's QE was …

reforms have not yet taken hold. The EU-led macroeconomic adjustment programmes outside the euro area (e.g. Latvia) seem to …

(national) financial dislocation and tensions in Europe and particularly in the euro area. The institutions of the banking union …, which is now emerging in the euro area, should increase its capacity to deal with future regional boom and bust cycles … in large countries, to the entire area. The extent to which the (incomplete) banking union now put in place for the euro …