This dissertation is a collection of three essays dealing with selected problems of the Euro Area during its most … attribute this phenomenon to market sentiment and multiple equilibria alone. We show that an often neglected fundamental … variable may drive spreads: a decrease in the expected recovery value of private market participants. With an ever …

Jean Pisani-Ferry and André Sapir believe that the euro has proved attractive as a fair-weather currency for countries … succeed as a stormy-weather currency. The authors already detect, howevever, that the crisis shows the euro-area governance …

states of the European Union that has far-reaching implications for the long-run value of the euro, and therefore, on the …