peripheral Europe. These same data suggest that banks headquartered outside the euro area, particularly UK banks, boosted TARGET2 …

deflationary Euro-bias. …

on foreign-held sovereign debt, devalued its currency, imposed strict capital controls and bankrupted a large number of … Ireland, as it highlights the overall importance of growth dynamics in determining the sustainability of post-default or post-debt … factors not open to the Euro area member states today, from the point of view of the impacted states with strong potential …

complex financial markets in synthetic collateralized debt obligations-CDOs. Guided by invisible hands, supplies balance … less sure. The market might not work. It needs a bit of coaxing. Imbalances can persist. Market forces can be rather … economists see the Global Financial Crisis as a consequence of domestic and global imbalances. The most common story blames the …

increase by about $9 trillion. - Global currency imbalances will be eliminated. - All Balance of Payments problems will be … current monetary unions, especially the euro. Each successive annual edition of this book will be priced in the remaining …

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have …