the Eurozone, TARGET2 (Trans-European Automated Real-Time Gross Settlement Express Transfer). They criticize it under … Eurozone countries, thereby putting deficit countries in a prominent position in terms of money creation within the Eurozone … has thoroughly contributed to allow the Eurozone to surmount the financial and commercial imbalances that threatened to …

We analyze the similarities and the differences in the fragility of the European Monetary System (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened. …

Following the Great Recession, eurozone countries have performed worse than even the currency union’s most pessimistic … critics had predicted. The paper identifies the strong fundamental flaws in the design of the eurozone and proposes a set of … reforms, both in the structure of the eurozone and current policies, which might enable the euro to work. It traces the flaws …