This paper analyzes the Euro crisis in light of the experience of center-periphery relations over the last 40 years of … the center. Financial institutions at the center play a crucial role. The “boom” phase leads to serious imbalances in the … institutions provide some fraction of the debt service to borrowing governments in the form of new debt, for them to add to the …

risk-sharing among sovereigns, to introduce synthetic euro bonds that work without debt mutualization. … potential threat to sovereign bond market stability in the euro area; these markets had disintegrated during the “euro crisis …“. While several reforms related to the institutional architecture of the euro area, such as major parts of the banking union …

External imbalances played a pivotal role in the run-up to the global financial crisis, being an important underlying … cause of the ensuing turmoil. While current account (flow) imbalances have narrowed in the aftermath of the crisis, net … international investment position (stock) imbalances still persist. In this paper, we explore the implications of countries’ net …

debt crisis, elections in European countries have stronger contagion effects in their own region during a global slowdown …

This paper describes the dynamics of the external positions of euro area countries since the formation of EMU. While … external imbalances have been the main focus in recent times, current account balances can only be properly interpreted in the … the euro represented a fundamental financial shock, whose effects then coincided with a reshaping of the international …