The COVID-19 crisis has the potential to lead to long-term stagnation in the European Monetary Union (EMU). Especially the following challenges can be identified: a lack of labour market institutions can lead to nominal wage cuts and deflation; the lack of a strong fiscal centre can lead to an...

The aim of the 'Five Presidents Report' cited in the title acknowledges that an important driver of the European economic crisis has been the faulty original design of the Monetary Union, and that substantial steps are urgently needed towards the creation of truly supranational institutions. Yet...

Several European countries face challenges reminiscent of those faced by the emerging economies of Latin America. The economic booms in some peripheral Euro-zone countries financed by large capital inflows; the credit and asset price booms and then the busts including Sudden Stops in capital...

In light of the failed negotiations with Greece, Jan Krahnen argues that an effective reform agenda for Greece can only be designed by the elected government. Fundamental reforms will take time to take full effect and euro area member states will, in the meantime, have to offer Greece a basic...

"On the 25th January 2015, the Greek people voted in an election of historic importance--not just for Greece but potentially all of Europe. The radical party Syriza was elected and austerity and the neoliberal agenda challenged. Suddenly it seems as if there is an alternative. But what? The...