working as lender of last resort for the euro area member States; indeed, only when the ECB took this responsibility by … Union to survive, rather than to disparities in the level of competitiveness among countries of the Eurozone. This crisis of …

of the ECB have contributed to the persistence of intra-euro area current account imbalances. … euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels … of euro area central banks are identified. It is found that differing fiscal policy stances which have interacted …

imbalances within the euro area, which were enhanced by post-2001 low interest rate policies and changing financing conditions …

within the euro area. This was facilitated by post-2001 low interest rate policies and changing financing conditions for the …