We use quanto credit default swaps to analyze the impact of a credit event in the Euro zone on the Euro-Dollar exchange … credit event if the payment in such an event is denominated in US-Dollar rather than in Euro, because they expect the Euro to … conditional on a credit event of a member of the Euro zone. We find that the implied effect is quite heterogeneous across the …

Using novel monthly data for 226 euro-area banks from 2007 to 2015, we investigate the causes and effects of banks …' sovereign exposures during and after the euro crisis. First, in the vulnerable countries, the publicly owned, recently bailed …

The introduction of the euro meant that countries with sovereign debt problems could not use monetisation and … devaluation as a way to prevent default. The institutional structures of the euro were also widely thought to prevent a country in … difficulties being bailed out by other euro members or having its sovereign debt purchased by the ECB. Despite these restrictions …

global economy. Germany protests that it did all it could to save the euro and is doing all it can to contribute to European … economic health. Indeed, by 2017, the euro had survived. But, it survived at the expense of the societies and the economies of …