This paper analyses the issue of the dynamics of the TARGET2 system balances during the sovereign debt crisis, when … working as lender of last resort for the euro area member States; indeed, only when the ECB took this responsibility by … launching the Outright Monetary Transactions clear signs of improvement were observed in the sovereign debt crisis. …

This paper compares financial assistance programmes of four euro-area countries (Greece, Ireland, Portugal, and Cyprus …) and three non-euro-area countries (Hungary, Latvia, and Romania) of the European Union in the aftermath of the 2007 …, such as the size of imbalances, financing, unique cooperation of the IMF and various European facilities, and membership of …

risk-sharing among sovereigns, to introduce synthetic euro bonds that work without debt mutualization. … potential threat to sovereign bond market stability in the euro area; these markets had disintegrated during the “euro crisis …“. While several reforms related to the institutional architecture of the euro area, such as major parts of the banking union …

the official currency would be high. Originality/value In view of hyperinflation and macroeconomic imbalances in certain …

This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study … different options ranging from debt relief to the European Stability Mechanism (ESM). The analysis reveals the following: First …, patient countries repay debt, while impatient countries more likely consume and default. Second, without ESM loans, indebted …

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two … functions: in the short-term, stabilize financialmarkets and banks and, in the medium-term, help improve the euro area economic …

The article presents some risks of external debt in Romania generated by its structure and characteristics. Given the … rise in the share of short-term external debt, the associated risks increase, among which there is the augmentation in the … to an external debt crisis. In addition, other indicators are used to assess the debt characteristics of an economy. The …