This paper argues that the Eurozone crisis stems from a risk management failure in the Eurosystem's design, and that … monetary union and other assets. We firstly analyse a country's debt choice, assuming as a benchmark case that the no-bailout …

Eurozone in two parts. Part I explains why limited liability may have resulted in excessive debt accumulation: A commitment …. Die Arbeit analysiert das Staatsschuldenproblem in der Eurozone in zwei Teilen. Teil I erläutert, warum ein Problem der …

addresses how effective these sterilisation policies are. -- Accountability ; bail-out ; bond purchases ; central bank …

should deal primarily with the asset side of the ECB balance sheet. [...] -- Accountability ; bail-out ; bond purchases …

Eurozone in two parts. Part I explains why limited liability may have resulted in excessive debt accumulation: A commitment …

The Greek bail-out was highly controversial. An oft-heard assessment is that i) the bail-out was a mistake, ii) the … political haggling over it was irrational and iii) the bail-out will create a moral hazard problem. Contrary to this view, our … analysis suggests that, given EMU's present political-economic set-up, i) the bail-out was unavoidable, ii) the lengthy process …