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...

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...

Jan Schnellenbach, Universität Heidelberg, diskutiert, neben den Konstruktionsfehlern des Bailouts, auch seine Auswirkungen auf die weitere institutionelle Entwicklung der Europäischen Union: "Die Entwicklung könnte in Richtung einer formalen Institutionalisierung des bündischen Prinzips in...