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 … extremely vulnerable to systemic banking problems and abruptly deteriorating public finances. Debt legacies and high …

This paper investigates the causes behind the euro debt crisis, particularly Germany's role in it. It is argued that … the crisis is not primarily a "sovereign debt crisis" but rather a (twin) banking and balance of payments crisis. Intra …-area competitiveness and current account imbalances, and the corresponding debt flows that such imbalances give rise to, are at the heart …

Griechenlands aus dem Euroraum laut. Insbesondere in Deutschland wird befürchtet, dass ein Austritt einzelner Länder oder gar ein … Deutschland aufgrund seiner hohen Exportorientierung und jahrelanger Lohnzurückhaltung mehr als alle anderen EWU …-Mitgliedsländer vom Euro profitiere. Vor diesem Hintergrund untersucht der vorliegende Beitrag, welche Konsequenzen ein Austritt einzelner …

worsen German competitiveness and the German economy would crater as a result. Additional wealth losses on Germany …'s international investment position would also loom. Appreciating Germany's own vulnerability to the euro crisis should help the … also good for the authorities in euro partner countries to recognize. Germany is bound to catch up with the reality that it …

, increasing convergence with the core Euro countries. However, the debt crisis dramatically worsened citizens’ perceptions of … of governance and inequality. Results show that despite divergent economic growth in the Euro periphery countries after … the 2011-13 Euro crisis, the quality of services and level of regulation did not deteriorate or indeed improved …

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have … warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific …

After reviewing the main determinants of the current eurozone crisis, this paper discusses the feasibility of … austerity measures in order to abide by their commitments to eurozone institutions and the International Monetary Fund. We show … that the introduction of fiscal currencies would speed up the recovery, without violating the rules of eurozone treaties …