Debt Overhang is a controversial issue in the eurozone countries and is considered as one of the factors which created the current economic crisis. How to deal with sovereign debt has been debated both at the theoretical and policy making level. This paper looks at the Greek debt and four...

The results from the second wave of the Eurosysystem's Household Finance and Consumption Survey (HFCS) indicate that Cyprus households experienced very large falls in their incomes and value of real assets between 2009/2010 and 2013/2014. However, despite their worsening financial situation...

The use of traceable payment methods presents an additional reform option for improving tax compliance. As regards consumption, card payments are the main alternative to cash in the euro area. Although the use of micro-data has provided clear evidence in favour of increasing information trails,...

The aim of this report is to evaluate “e-formalization” in European countries. To tackle informality, the lockdown and physical distancing measures resulting from the COVID-19 pandemic has resulted in a decrease in onsite workplace inspections in Europe and the greater use of e-initiatives...

Contents: Preface -- Part I: Public debt and individual rationality -- 1. De Viti de Marco vs. Ricardo on public debt: self-extinction or default? / Giuseppe Eusepi and Richard E. Wagner -- 2. Governing the market for sovereign bailouts / Karsten Mause -- 3. Political obligations: is debt...

This paper investigates determinants of convergence in GDP per capita in the euro area and the EU between 1995 and 2021. It finds that the COVID-19 crisis temporarily slowed convergence but the estimated negative impact is significantly smaller than during the global financial crisis. Diverging...