Purpose -In the European Union only a few countries have remained outside the eurozone. Among these countries with independent monetary policies few pursue a floating exchange rate regime: the Czech Republic, Hungary, Poland and Romania (IMF, 2013). The purpose of the paper is to examine whether...

Are the characteristics of the exchange rate regime relevant for the degree of fiscal discipline? What are the conclusions for fiscal behavior in Europe after the transition to EMU? These are the central questions that are analyzed in this paper from a theoretical point of view. After a general...

This paper examines the issue of the Greek public debt from different perspectives. We provide a historical discussion of the accumulation of Greece's public debt since the 1960s and the role of public debt in the recent crisis. We show that the austerity imposed since 2010 has been unsuccessful...