One of the most striking consequences of the recent episode of sovereign debt market stress in the Eurozone has been the increase in the share of public debt held by the domestic sector in fragile economies. However, the causes and potential consequences of this increase were only given scarce...

This paper investigates how the ECB can reduce financial and banking fragmentation, a stated objective in crisis period. We use regional SVAR models and national GVAR models to study the impact of interest rates, QE and LTROs on price and volume indicators of fragmentation through the main...

With production activity tending rapidly towards international fragmentation, this study examines the consequences for labour countries of the forms of specialisation brought about by fragmentation processes. It further addresses the risk that fragmented sectors may become excluded from greater...