developing regions have regained access to both debt and equity issuance, the pace of recovery of capital inflows has been …

This article reviews the origin and spread of the distressed debt problem in the transition region. We argue that while … the crisis was triggered abroad, the current high level of distressed debt in various transition countries mainly reflects … home-grown vulnerabilities. As in the West, the root causes of the debt problem were abundant and cheap funding and a …

External imbalances played a pivotal role in the run-up to the global financial crisis, being an important underlying … cause of the ensuing turmoil. While current account (flow) imbalances have narrowed in the aftermath of the crisis, net … international investment position (stock) imbalances still persist. In this paper, we explore the implications of countries’ net …

In the public and academic discussion on the payment system TARGET2, the high claims and liabilities of some euro area … partly due to tourism but above all to the physical shipment of euro cash from countries outside monetary union into Austria … banknotes) can be observed in other euro area countries, too. Understanding these flows is essential for a correct …

Effect-based analysis is genuinely implicit in economic reasoning. The jurisprudence developed throughout the debt …

crisis has exposed existential flaws in the euro regime. Intra-area divergences and the corresponding buildup of imbalances …This paper reviews the performance of the euro area since the euro's launch 20 years ago. It argues that the euro … had remained unchecked prior to the crisis. As those imbalances eventually imploded, member states were found to be …

vehicle for the central funding of public investment through the issuance of common Euro Treasury debt securities. … that the ECB may well stand out positively when compared to other important euro-area or national authorities involved in … managing the euro crisis, but that in general the bank did "too little, too late" to prevent the euro area from slipping into …

institutional deficiencies share responsibility for the euro's failure, the bank has generally done "too little, too late" with … regard to managing the euro crisis, preventing protracted stagnation, and containing deflation threats. The bank remains … attached to the euro area’s official competitive wage-repression strategy, which is in conflict with the ECB's price stability …