This paper reviews the performance of the euro area since the euro's launch 20 years ago. It argues that the euro … crisis has exposed existential flaws in the euro regime. Intra-area divergences and the corresponding buildup of imbalances … extremely vulnerable to systemic banking problems and abruptly deteriorating public finances. Debt legacies and high …

Griechenlands aus dem Euroraum laut. Insbesondere in Deutschland wird befürchtet, dass ein Austritt einzelner Länder oder gar ein … Deutschland aufgrund seiner hohen Exportorientierung und jahrelanger Lohnzurückhaltung mehr als alle anderen EWU …-Mitgliedsländer vom Euro profitiere. Vor diesem Hintergrund untersucht der vorliegende Beitrag, welche Konsequenzen ein Austritt einzelner …

This paper investigates the causes behind the euro debt crisis, particularly Germany's role in it. It is argued that … the crisis is not primarily a "sovereign debt crisis" but rather a (twin) banking and balance of payments crisis. Intra …-area competitiveness and current account imbalances, and the corresponding debt flows that such imbalances give rise to, are at the heart …

worsen German competitiveness and the German economy would crater as a result. Additional wealth losses on Germany …'s international investment position would also loom. Appreciating Germany's own vulnerability to the euro crisis should help the … also good for the authorities in euro partner countries to recognize. Germany is bound to catch up with the reality that it …