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economic booms in some peripheral Euro-zone countries financed by large capital inflows; the credit and asset price booms and … Latin American audiences. For those Euro-zone countries that built up large Euro-denominated external liabilities, Latin …
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This paper dwells on the Eurozone woes and addresses the origins of the transition from a fictitious boom to a painful … the future of the Eurozone that will halt the tearing of the social fabric of its member states. …
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To compensate for the inflexibility of fixed exchange rates, the euro area needs flexibility through a system of orderly debt restructuring. With virtually no room for macroeconomic manoeuvring since the crisis onset, fiscal austerity has been the main instrument for achieving reductions in...
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