This paper reviews the performance of the euro area since the euro's launch 20 years ago. It argues that the euro … crisis has exposed existential flaws in the euro regime. Intra-area divergences and the corresponding buildup of imbalances … unemployment continue to plague euro crisis countries. Its huge current account surplus highlights that the euro currency union …

Using novel data on individual euro area banks' balance sheets this paper shows that exposure to stressed European … households, is documented for euro area banks affected by the international liquidity shock and that drew on ECB liquidity under …

the Euro area monetary and fiscal systems by focusing markets and public attention on the core cause of the overall Euro … crisis, the insolvency of the Euro area member-states model of debt financing of public and private expenditure and … investment. Hence, any repair of the system will require addressing the twin malaises of the Euro area model of economic …