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A New Architecture for the Single Currency : How to Solve the Euro Crisis

Mateus, Abel M. - 2011

The crisis in the Euro Zone is due to two factors: over-borrowing by some states and credit booms in others. The … architecture of the Euro remains incomplete, due to lack of enforcement of fiscal discipline and an integrated bank supervision … Euro needs once more a transition phase with a gradual fiscal and asymmetric adjustment with a decisive intervention by …

Persistent link: https://www.econbiz.de/10013117338

Den Euroraum zukunftsfähig machen

Fichtner, Ferdinand; Fratzscher, Marcel; Podstawski, … - In: DIW Wochenbericht 81 (2014) 24, pp. 527-539

Die Krise des europäischen Währungsraums ist nicht vorbei. Zwar ist die Lage an den Finanzmärkten derzeit relativ ruhig, wirtschaftlich scheint die Talsohle in den meisten Ländern durchschritten. Aber fundamentale Konstruktionsfehler der Währungsunion bestehen weiter fort. Werden diese...

Persistent link: https://www.econbiz.de/10010369553

Making the Euro area fit for the future

Fichtner, Ferdinand; Fratzscher, Marcel; Podstawski, … - In: DIW Economic Bulletin 4 (2014) 9, pp. 3-14

The crisis in the European currency area is not yet over. Although the situation in the financial markets is currently relatively calm, the economic crisis appears to be bottoming out in most countries. Nevertheless, there are still fundamental design flaws in the Monetary Union. If these are...

Persistent link: https://www.econbiz.de/10010427274

Den Euroraum zukunftsfähig machen

Fichtner, Ferdinand; Fratzscher, Marcel; Podstawski, … - In: DIW Wochenbericht 81 (2014) 24, pp. 527-539

The crisis in the European currency area is not over yet. Although the situation in the financial markets is currently relatively calm, the economic crisis appears to be bottoming out in most countries. Nevertheless, fundamental design flaws in the Monetary Union continue to exist. If these are...

Persistent link: https://www.econbiz.de/10011128380

Making the Euro Area Fit for the Future

Fichtner, Ferdinand; Fratzscher, Marcel; Podstawski, … - In: DIW Economic Bulletin 4 (2014) 9, pp. 3-14

Persistent link: https://www.econbiz.de/10010949370

Monetary Union, Even Higher Integration, or Back to National Currencies?

Economides, George - 2016

This paper quantifies the welfare differences among a monetary union, flexible exchange rates (economic disintegration) and a monetary plus fiscal transfer union (higher economic integration). The vehicle of analysis is a medium-scale New Keynesian DSGE model consisting of two heterogeneous...

Persistent link: https://www.econbiz.de/10012996680

Monetary Union Dynamics with Unsustainable Public Debt

Esposito, Marcello - 2016

There have been many attempts at solving the problem of determining the “fundamental value” of the credit spread of a government bond. This is particularly important in the case of Eurozone, where the ECB intervention on the government bonds' market is allowed only if the “spread” paid...

Persistent link: https://www.econbiz.de/10012981208

Monetary and fiscal policy interaction : What is the role of the transaction cost of the tax system in stabilisation policies?

Chronis, Panagiotis; Strantzalou, Aspasia - 2022

In the theory of monetary and fiscal policy interaction, the assumption of Ricardian households isolates the determinants of fiscal policy instrument from the price stabilization policies carried out by the central bank. One of the main implications of the above mentioned Ricardian assumption is...

Persistent link: https://www.econbiz.de/10014030400

Fiscal Policy within a Common Currency Area - Growth Implications in the Light of Neoclassical Theory

Konopczyński, Michał - 2013

We examine the long-run impact of fiscal policy on economic growth under the conditions of an economic and monetary union (EMU). The analysis is based on the neoclassical growth model of a small (in economic terms) open economy in an EMU. The core assumptions are perfect capital mobility, which...

Persistent link: https://www.econbiz.de/10013072272

Fiscal policy within a common currency area : growth implications in the light of neoclassical theory

Konopczyński, Michał - In: Contemporary economics 7 (2013) 3, pp. 5-16

Persistent link: https://www.econbiz.de/10010228515