the Maastricht treaty, the EMU convergence era, and the financial crisis. In detail, we find: (i) Since the 1980s the role … treaty, and again with the wake-up call due to the onset of the financial crisis. (ii) Before the financial crisis EMU member …

macroeconomic data from 1980 to 2012 and contrast a panel of 22 OECD countries with 11 EMU member countries and the so called GIIPS … of the EMU. In particular, we find that the relationship between the perceived default risk reflected by long … cluster specific. Our findings suggest that there is a strong connection of institutional aspects of EMU and the relationship …

is argued that fulfilling the deficit target is no guarantee for achieving output stabilisation. The pact hence fails to …

In light of persistent in ation dispersion and rising debt levels in the EMU, this paper investigates the welfare …

within EMU. We differentiate between three different scenarios: public revenue equalisation, tax harmonisation and a … EMU already. While key macroeconomic variables would have reacted very similarly, debt dynamics could have changed notably …