Panico and Purificato argue that before 2007, flaws in the European institutional organization affected the cyclical and growth performance of the euro countries. After that date they contributed to an intensification of the conflicts among national political bodies and between them and the...

While the media and some professional blogs propose austerity policies because the European debt crisis is due to the misuse of public finances by some national authorities, this paper suggests that the existence of national conflicts within the ECB’s governing bodies is the main cause of the...

The factors that allow the launch of a speculative attack, such as those on he government debts of Greece, Spain, Portugal, Ireland and Italy in 2010, are always multiple. In this case, they can be found in some simultaneous events (e.g. the regional German elections of the 9th of May), in some...