This paper argues that the Eurozone crisis stems from a risk management failure in the Eurosystem's design, and that … monetary union and other assets. We firstly analyse a country's debt choice, assuming as a benchmark case that the no-bailout …

Eurozone in two parts. Part I explains why limited liability may have resulted in excessive debt accumulation: A commitment …. Die Arbeit analysiert das Staatsschuldenproblem in der Eurozone in zwei Teilen. Teil I erläutert, warum ein Problem der …