account imbalances have gained rising attention. Whereas Greece and Ireland struggle for austerity in private and public … unsustainable intra-E(M)U indebtedness. We analyse the emergence of intra-European imbalances since the year 1990 based on the … imbalances since the euro introduction and thereby the current European debt crisis. Based on this finding we argue that an …

financial crisis of 2007-08. The paper also maintains that the eurozone could avoid cumulative imbalances by adopting John …. Underpinned by a process of monetary unification and financial deregulation, core eurozone countries pursued export-led growth …

After reviewing the main determinants of the current eurozone crisis, this paper discusses the feasibility of … austerity measures in order to abide by their commitments to eurozone institutions and the International Monetary Fund. We show … that the introduction of fiscal currencies would speed up the recovery, without violating the rules of eurozone treaties …