The euro area crisis was less a crisis of the euro than a crisis of the Maastricht doctrine. The latter was based on a … triple ban: no monetization of fiscal deficits, no bail-out, no sovereign default. The euro architecture was also based on a … strict division of tasks: the European Central Bank would stabilize prices in the euro area as a whole, whereas national …

We explain how the external counterpart of the euro area M3 can be analysed by using the euro area balance of payments … the monetary signal stemming from external flows. Over the past five years, the increase in the euro area's external … competitiveness has given rise to a sustained current account surplus that has consistently supported monetary inflows into the euro …

. We find that while financial market stress and economic imbalances were the drivers of TARGET balances during the great … financial and sovereign debt crises, the implementation of Eurosystem asset purchases was the driving force since March 2015. As …

During the first two years of monetary union, the euro's weakness surprised most market participants. Explanations … empirical analysis showing that terms-of-trade and saving/investment behaviour seem to have driven the euro exchange rate over … view that towards the end of 2000, the euro was significantly undervalued ...<BR><P>Pendant les deux premières années de l …

This paper describes the institutional flaws that led to the euro crisis, assesses the institutional reforms that were … European monetary union. In mid-2017, growth in the euro area appears to be finally picking up after 10 years of recessions and … architecture. On the contrary, these quieter times offer a good occasion to reflect on the future of euro-area institutions and to …

In this paper we empirically explore the relationship between debt and output in a panel of 72 countries over the … predicted by a standard small open economy model by Aguiar and Gopinath (2007), where debt and output endogenously respond to … total factor productivity (TFP) shocks. First, developing countries' debt falls after a positive output shock, while the …

basic aspects of the dynamics and management offoreign debt in the perspective of the emerging countries. Minsky …

action to counter an unsustainable debt path. Collective action clauses, the sovereign debt restructuring mechanism, and …