The unfolding of the crisis in the Eurozone can be explained by the interaction of institutional features and policy failures, and by their interconnection with real and financial imbalances. The crisis has shown that internal divergence in the EZ is based on important structural components...

The paper looks at the deep and the direct causes of the crisis in the Eurozone and considers what changes are necessary. It shows that, together withfinancial aspects, the Eurozone crisis stems from the difficulties of the real economy and the incompleteness of European institutions. The former...

Transformation has been put in motion by a variety of both endogenous and exogenous forces. Although not any process was under the control of those countries, their choice of goals and instruments was anyway particularly great, at least theoretically. However, transformation was implemented as a...