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To make the no-bailout clause credible and enhance the effectiveness of crisis assistance, a consistent institutional and legal framework is needed to ensure that private creditors contribute to crisis resolution. Getting activated as part of ESM crisis assistance, we propose a novel two-stage...
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To make the no-bailout clause credible and enhance the effectiveness of crisis assistance, a consistent institutional and legal framework is needed to ensure that private creditors contribute to crisis resolution. Getting activated as part of ESM crisis assistance, we propose a two-stage...
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currency union, achievements and failures of the currency union and ways to improve fiscal sustainability and arrive at stable … accompany fiscal consolidation and discusses the appropriate tools of crisis management and why a restructuring of the Eurozone … is not the right step. Based on these considerations, a long-term target picture for the Eurozone as a part of the EU is …
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