This paper reviews the performance of the euro area since the euro's launch 20 years ago. It argues that the euro crisis has exposed existential flaws in the euro regime. Intra-area divergences and the corresponding buildup of imbalances had remained unchecked prior to the crisis. As those...

Zu hohe Schulden der privaten Haushalte und Unternehmen haben maßgeblich zum Ausbruch und Verlauf der Finanzkrise beigetragen. Um eine Wiederholung zu vermeiden, wird die private Verschuldung inzwischen überwacht. Betrachtet wird dabei primär die Schuldenhöhe. Ihre Struktur (d. h....

The resilience of the German banking system is studied on the semiaggregated level from 1968 to 2022. We distinguish between Large Banks, Regional Banks, Landesbanken, Sparkassen and Credit Unions and study their z-scores as a measure of resilience in response to the monetary policy stances of...