Eurozone in two parts. Part I explains why limited liability may have resulted in excessive debt accumulation: A commitment … problem of the European Monetary Union to no bailouts may have banished interest rate risk premiums inducing its member states …

This paper focuses on roots of strain in the European Monetary Union (EMU). It argues that there is need for a thorough …

The Eurozone crisis has been reinforced and prolonged by leaders' inability to agree on robust and credible crisis … responses. Individual governments are experiencing sovereign deficit and debt crises, but not the Eurozone at large. Its fiscal … position is manageable. The Eurozone is rather going through a crisis of the sovereign - or a crisis of government. Too many of …

baseline scenario, the projected public debt ratio reduction in Italy and Spain is too slow and does not meet the European …. More effective policies are needed to foster growth. But if all else fails, the European Central Bank's Outright Monetary …

The Eurozone crisis mobilises an appreciable amount of the attention of politicians and the public, with calls for a … European Market. In our view, preserving the euro may result in something completely different than expected: the … disintegration of the EU and the Single European Market rather than their further strengthening. The fundamental problem with the …

quasi-fiscal rescue operations can undermine this consensus and lead to a disintegration of the Eurozone. There are also …