The fiscal theory states that inflation adjusts so that the real value of government debt equals the present value of … fiscal theory to interpret historical episodes, including the rise and fall of inflation in the 1970s and 1980s, the long … pegs, the ends of hyperinflations, currency crashes, and the success of inflation targets. Going forward, fiscal theory …

informed by the "cartalist" critique of traditional "optimum currency area" theory (Goodhart 1998). Various proposals to rescue … 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. …

Union to survive, rather than to disparities in the level of competitiveness among countries of the Eurozone. This crisis of …

Euroraum in den Mittelpunkt stellt. Die Arbeit konzentriert sich dann insbesondere auf die Determinanten der Geldpolitik, weil …

. Eurozone policymakers have ignored these inter-member imbalances and have instead concentrated on union-wide imbalances, so …

raised here. First, diverging current account imbalances shaped the eurozone countries' vulnerability, but were not a cause …