Despite the experience of the ongoing sovereign debt crisis, European banks continue to hold large amounts of bonds from their home governments. This ties the fates of the sovereign and the banks together, leading to the disruptive self-reinforcing feedback loops that brought the euro area to...

The disintegration of the Soviet Union as a political entity has already begun. As an economic entity it is still intact. The following article examines the advantages and disadvantages facing the republics if they choose to break away completely.