some countries registered a decisive inflow of the central bank liquidity and others showed an outflow. The dynamics in the … Union to survive, rather than to disparities in the level of competitiveness among countries of the Eurozone. This crisis of …

surplus liquidity absorption within an asymmetric EMU. It is argued that starting from the turn of the millennium diverging … Bundesbank into a debtor position to the domestic financial system, we discuss options for liquidity absorption by Deutsche … reduction of TARGET2 imbalances and therefore surplus liquidity in Germany …

of existing national public debts is involved. Instead, the Euro Treasury is established as a means to pool eurozone … public investment spending and have it funded by proper eurozone treasury securities. …

. Eurozone policymakers have ignored these inter-member imbalances and have instead concentrated on union-wide imbalances, so … controlling the distribution of liquidity among Member States, resulting from inter-member external imbalances. Our proposal is …

raised here. First, diverging current account imbalances shaped the eurozone countries' vulnerability, but were not a cause … of the euroarea 2010-2012 liquidity crisis. Second, A&F's quantity-theoretic view of monetary policy implementation is …

fragility of the member countries of the euroarea, but were not the cause of the liquidity crisis that occurred between 2010 and … competitiveness, sticky real exchange rates, persistent trade deficits, sudden stops in capital flows, and vanishing liquidity can … account for a liquidity crisis independent of fiscal irresponsibility; and that their original model simply shows that, in the …

surplus liquidity absorption within an asymmetric EMU. It is argued that starting from the turn of the millennium diverging … brought Deutsche Bundesbank into a debtor position to the domestic financial system, we discuss options for liquidity …