force in world capital markets, although the importance of EU monetary policy decisions has been increasing and a Euro bloc …

of the monetary union, have on the rest of the world, by disentangling euro area stress shocks and global risk aversion … the euro area but also for the rest of the world. Notably, an increase in euro area stress entails a slowdown of economic … activity in the rest of the world, as well as a fall in imports/exports of both the euro area and the rest of the world. A …

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. …

In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co … conclude that the intense fiscal rules that have been introduced in the Eurozone after the emergence of the debt crisis reduced …