The euro crisis remains unresolved even as financial markets may seem calm for now. The current euro regime is inherently flawed, and recent reforms have failed to turn this dysfunctional regime into a viable one. Our investigation is informed by the "cartalist" critique of traditional "optimum...

We examine how euro conversion affected trading costs and volume in European equity markets. Euro conversion immediately changed tick sizes and price transparency, both of which could affect trading costs and relative trading volume. Longer-run, conversion could boost competition among...

This paper analyzes the causes of the sovereign debt crisis in the eurozone and examines the policy alternatives confronting euro area governments. It suggests that pooling fiscal risks, creating an EU Treasury and issuing jointly-backed euro bonds is an optimal solution and the inevitable...

2011 war das Jahr der Krisengipfel, die es jedoch kaum vermocht haben, das verloren gegangene Vertrauen in die Währungsstabilität und die Schuldentragfähigkeit der Euro-Mitgliedstaaten wiederherzustellen. 2012 kann als Jahr der Bewährung angesehen werden, in dem sich das Schicksal der...

This paper investigates the impact of the euro on corporate valuations in Greece. Previous empirical results for the ten countries that founded the Monetary Union (EMU) uncovered various positive effects of the common currency. Greece who joined EMU later, coming from a weaker macroeconomic...