The euro is a new currency, and the ECB as a new institution still has to establish its reputation. The best way to do … because market participants are unclear about which of the two pillars is the dominating one. The ECB will have to rethink its … crisis will be the real test for the euro. Politics has to accept the depolitization and the denationalization of the common …

Jean Pisani-Ferry and André Sapir believe that the euro has proved attractive as a fair-weather currency for countries … succeed as a stormy-weather currency. The authors already detect, howevever, that the crisis shows the euro-area governance …

with the external value of the euro. 11. Denationalize the common money. 12. Depoliticize the common currency. …

the euro countries. Labor costs relative to the West German level are also calculated. The paper analyzes the implication …

euro as a common currency. To what extent the value of money is stable depends on the solidity of the government’s finances …. To weaken the pact will imply a loss of confidence for the euro later on. … den Euro als vergemeinschaftete Währung abzusichern. Denn ob Geld stabil ist, hängt auch davon ab, wie solide die …