This paper analyzes the causes of the sovereign debt crisis in the eurozone and examines the policy alternatives … confronting euro area governments. It suggests that pooling fiscal risks, creating an EU Treasury and issuing jointly-backed euro … advantages and disadvantages of euro bonds and concludes that issuing euro bonds can transform a market that is fragmented along …

economic booms in some peripheral Euro-zone countries financed by large capital inflows; the credit and asset price booms and … then the busts including Sudden Stops in capital flows; the strong interaction between sovereign debt and domestic banking … Latin American audiences. For those Euro-zone countries that built up large Euro-denominated external liabilities, Latin …

This paper analyzes the Euro crisis in light of the experience of center-periphery relations over the last 40 years of … the center. Financial institutions at the center play a crucial role. The “boom” phase leads to serious imbalances in the … institutions provide some fraction of the debt service to borrowing governments in the form of new debt, for them to add to the …

In 2007, countries in the euro periphery were enjoying stable growth, low deficits and low spreads. Then the financial … crisis erupted and pushed them into deep recession, raising their deficits and debt levels. By 2010, they were facing severe … debt problems. Spreads increased and, surprisingly, so did the share of the debt held by domestic creditors. Credit was …

In 2007, countries in the Euro periphery were enjoying stable growth, low deficits, and low spreads. Then the financial … crisis erupted and pushed them into deep recessions, raising their deficits and debt levels. By 2010,they were facing severe … debt problems. Spreads increased and, surprisingly, so did the share of the debt held by domestic creditors. Credit was …

on foreign-held sovereign debt, devalued its currency, imposed strict capital controls and bankrupted a large number of … Ireland, as it highlights the overall importance of growth dynamics in determining the sustainability of post-default or post-debt … factors not open to the Euro area member states today, from the point of view of the impacted states with strong potential …

risk-sharing among sovereigns, to introduce synthetic euro bonds that work without debt mutualization. … potential threat to sovereign bond market stability in the euro area; these markets had disintegrated during the “euro crisis …“. While several reforms related to the institutional architecture of the euro area, such as major parts of the banking union …

crisis has exposed existential flaws in the euro regime. Intra-area divergences and the corresponding buildup of imbalances …This paper reviews the performance of the euro area since the euro's launch 20 years ago. It argues that the euro … had remained unchecked prior to the crisis. As those imbalances eventually imploded, member states were found to be …

Conventional wisdom suggests that the European debt crisis, which has thus far led to severe adjustment programs … common currency - the euro - was at best minimal.This paper aims to show that, contrary to conventional wisdom, the crisis in … Europe is the result of an imbalance between core and noncore countries that is inherent in the euro economic model …

Conventional wisdom suggests that the European debt crisis, which has thus far led to severe adjustment programs … common currency - the euro - was at best minimal. This paper aims to show that, contrary to conventional wisdom, the crisis … in Europe is the result of an imbalance between core and non-core countries that is inherent in the euro economic model …