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 …

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 …

, increasing convergence with the core Euro countries. However, the debt crisis dramatically worsened citizens’ perceptions of … of governance and inequality. Results show that despite divergent economic growth in the Euro periphery countries after … the 2011-13 Euro crisis, the quality of services and level of regulation did not deteriorate or indeed improved …