Europe’s banking system has been in a state of systemic fragility since 2007-08. The current phase is marked by a sequence of interactions between sovereign problems and banking problems, resulting in gradual contagion to more countriesand more asset classes. The banking and sovereign crises...

The laggards of the Eurozone pose a novel economic and legal issue. Whereas the Eurozone sorely needs growth in the PIRGS, neither conventional Keynesian stimulus nor devaluations are likely to be productive. This essay proposes that growth be rekindled by forced over-recapitalization of the...

This contribution deals with the legal and institutional problems raised by the operation of the common currency in the euro Member States, and in particular with the legal framework needed to resolve the problems created by the currency crisis. The theoretical basis for the solution of these...