explained by different market constellations which are characterised by different sets of institutions. political and cultural … as well as implicit or explicit mechanisms of coordination between key macroeconomic policy areas in particular. A market … participation theory of economic policy based on market constellations may help to bridge the gap between nomocratic policy denial …

In this paper, sound public finances under the euro means sustainability in the long term instead of short- and medium …-term fiscal discipline. The challenges to sustainability are identified for the four largest euro area member states, and several … resort for a euro area government under liquidity shortage to prevent it from developing into a general financial crisis …

The inquiry into the global significance of the euro, which is the second most important currency in the international …’s strategic autonomy. The main obstacles impeding the further internationalisation of the euro include the lack of a sovereign … behind it and the heterogeneity and struc­tural problems of the euro area member states. The international status of the euro …

The euro is the second most important global currency after the US dollar. However, its international role has not … increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the financial … market for US dollar-denominated assets is larger and deeper; network externalities and inertia also play a role. Increasing …