The crisis in the Euro Zone is due to two factors: over-borrowing by some states and credit booms in others. The … architecture of the Euro remains incomplete, due to lack of enforcement of fiscal discipline and an integrated bank supervision … Euro needs once more a transition phase with a gradual fiscal and asymmetric adjustment with a decisive intervention by …

The euro is widely believed to be a currency without a sovereign state. To make the euro a stable currency, many … this paper that the EU and the euro area member states are the joint sovereign behind the euro. The EU is not a state, but …, the euro should be regarded as a currency beyond the state. For the euro to have a stable sovereign, however, further …

.Instead, the budgetary situation in the euro countries is getting worse, the disparities in economic development are increasing … rather than diminishing, thereby endangering the stability of the euro and thus the future of the single currency.There is an …

What is the current state of sovereign credit risk across Euro zone? Does the recent fiscal crisis extend to other (non … Euro zone) countries? Is Greece the center of the problem? How did the current fiscal crisis in the Euro area start? Who is … behind it? Why can it evolve? How can it be addressed? And, is a fiscally-challenged country likely to want to leave the Euro …

Con la crisi del debito dell'Eurozona il rischio sovrano sulle obbligazioni governative dei paesi area Euro e …' radicalmente mutato. I fondi obbligazionari governativi area Euro investono proprio in questi strumenti finanziari e costituiscono … incremento del rischio sovrano di portafoglio.The default risk on Euro area sovereign bonds has significantly changed during the …

We use quanto credit default swaps to analyze the impact of a credit event in the Euro zone on the Euro-Dollar exchange … credit event if the payment in such an event is denominated in US-Dollar rather than in Euro, because they expect the Euro to … conditional on a credit event of a member of the Euro zone. We find that the implied effect is quite heterogeneous across the …

This paper examines the degree of fragmentation in the Euro overnight unsecured money market during the period June …

This paper examines the degree of fragmentation in the Euro overnight unsecured money market during the period June …

This paper analyses the issues raised by EMU for the relationships between the euro area and the international … financial system. The depreciation of the euro exchange rate since the beginning of EMU has attracted most attention. The paper … that the authorities should take a more active policy stance. The paper assesses the role of the euro as an international …

of Economic and Monetary Union (EMU) in Europe. We use corporate-level data from ten countries that adopted the euro, the … three EU countries that did not join EMU, as well as Norway and Switzerland. We show that the introduction of the euro has … supports the view that the introduction of the euro has lowered firms' cost of capital by eliminating currency risks among the …