This paper analyzes the causes of the sovereign debt crisis in the eurozone and examines the policy alternatives … confronting euro area governments. It suggests that pooling fiscal risks, creating an EU Treasury and issuing jointly-backed euro … advantages and disadvantages of euro bonds and concludes that issuing euro bonds can transform a market that is fragmented along …

This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis. The … sovereign debt crisis, while some countries, among which Germany, registered a decisive inflow of monetary base, some others, as …

deflationary Euro-bias. …

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 flows; the strong interaction between sovereign debt and domestic banking … Latin American audiences. For those Euro-zone countries that built up large Euro-denominated external liabilities, Latin …

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 flows; the strong interaction between sovereign debt and domestic banking … Latin American audiences. For those Euro-zone countries that built up large Euro-denominated external liabilities, Latin …

Do global current account imbalances still matter in a world of deep international financial markets where gross two …' view of the world, large current account imbalances, while very possibly warranted by fundamentals and welcome, can also … same factors that dictate careful attention to global imbalances also imply, however, that data on gross international …

net external debt levels. In Spain and Portugal, cost competitiveness relative to the rest of the euro area would need to …A simple econometric framework is presented linking current account balances of euro area countries to intra and extra … euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically …

-up scenario that leaves Germany as the only member of the euro area and the Bundesbank as the sole owner of the ECB. In this …. Changes in German exposure to the rest of the euro area (or to the periphery) can differ in magnitude and in sign from …