The recent European economic crisis has dramatically exposed the failures of the various institutional mechanisms in place to maintain economic stability in Europe, and has unveiled the difficulty in achieving international coordination on fiscal and financial stability policies. Drawing on the...

On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross-roads" in Brussels. All papers in the present volume are based on contributions at the conference and the SUERF Annual Lecture which followed the event.

At the time of the introduction of the Euro in 1999-2002, European banking was not integrated and highly concentrated. No wonder that European payment transfers, foremost the cross-border ones, were still quite expensive in these days. Although being a tremendous and path breaking event in many...

We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...

We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...

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...

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 una quota significativa del risparmio delle famiglie...

Are the grand theories of integration still relevant today and capable of describing integration in the European Union? Have the general principles of the grand theories lost their ability to accurately describe European integration? For policy makers and scholars that rely on theories, the...

We use quanto credit default swaps to analyze the impact of a credit event in the Euro zone on the Euro-Dollar exchange rate. In light of the European debt crisis, market participants are willing to pay more for protection against a sovereign credit event if the payment in such an event is...