analysis suggests that, given EMU's present political-economic set-up, i) the bail-out was unavoidable, ii) the lengthy process … with a future moral hazard problem. Based on our analysis, we suggest that the EMU's institutional design could be improved … negotiation processes as well as the conditions and parameters on which the scope and limits of fiscal redistribution in EMU …

At its 10th anniversary the EMU had to stand the baptism of fire caused by the "Great Recession" 2009. By and large it … mastered this test. The introduction of the Euro, however, has brought to light the latent weaknesses in competitiveness of … some member states of the Euro area, consisting up to now mostly of old EU member states. Shortly after the EU enlargement …

the euro area. Five key markets are considered, namely the money, corporate bond, government bond, credit and equity …

A macroeconomic stabilisation function for the euro area - as envisaged in the Five Presidents' Report - plays a … central role in the debate on deepening Economic and Monetary Union (EMU). We evaluate a broad range of options, their impact … on economic growth, macroeconomic stabilisation and synchronisation of the euro area business cycle, and review how they …

The euro crisis has rekindled questions about the advantages and disadvantages of membership in the European Monetary … particularly interesting testing ground for the benefits of the EMU. The average growth rates were rather similar before the Great … fared somewhat better than Finland in the EMU period. We assess the effects of the regime choice by simulating the behaviour …

A withdrawal of a member state from the EMU due to market pressure has been a rather popular topic in the public debate … the report, the effects of the potential withdrawal of Greece, one of the weakest economies in the EMU, is studied first …

research focused particularly on the impact of the emerging EMU and on the application of the CAP, Structural Funds and the …

This paper focuses on roots of strain in the European Monetary Union (EMU). It argues that there is need for a thorough …-connectedness. Moreover, the EMU was sub-optimal from its debut and competitiveness gaps did not diminish against the backdrop of its … inadequate policy and institutional design. The euro zone crisis is not related to fiscal negligence only; over-borrowing by the …