We argue that the various proposals aimed at stabilizing the Eurozone using financial engineering do not eliminate the … amount of financial engineering can stabilize an otherwise unstable system. The real stabilization of the Eurozone entails … two mechanisms. The first is the willingness of the European Central Bank (ECB) to provide liquidity in the Eurozone …

With the spectre of a recession looming in the eurozone (and elsewhere), the policy question arises as to how much … leeway do the fiscal authorities in the eurozone have to follow counter-cyclical fiscal policies aimed at providing some …