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During the 1970s and 1980s, Belgium and Italy accumulated huge amounts of public debt. In the early 1990s, at the time … of the Maastricht Treaty, public debt reached a peak of nearly 140 percent of GDP in Belgium and nearly 130 percent in … GDP. At the time Belgium and Italy were also identical in another respect: GDP per capita. Today the situation is very …
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On June 7, 2015, the euro rescue fund will celebrate its 5th anniversary. Thus, it is time to take stock regarding the success of the reform strategy, the institutional relevance of the ESM, and current political challenges to the conditionality principle which is an essential pillar of the...
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This article narrates Ireland’s recent odyssey from the pride and envy of Europe to kneeling supplicant through the eyes of an econometric model of the government bond market. The exercise suggests that, in essence, two developments triggered and propelled Ireland’s drift towards sovereign...
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