and heightened volatility in its currency. This paper shows that not only the creditworthiness of the euro-area countries … determinants of the deep out-of-the-money euro put option prices, which embedded information on the euro crash risk during the …, the euro’s crash probability of 11% in a year with crash size of 14% is estimated at the end of April 2010. However …

-- 8. Any Future for the Euro?. … introduction of the European Monetary Union (EMU) has had on Euro area countries. Particular attention is given to balance of … payments deficits and surpluses, and the profound difficulties of rebalancing the Euro area. Throughout the chapters, the …