French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011 …-2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and …This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of …

austerity measures in order to abide by their commitments with Eurozone institutions and the IMF. We show that the introduction …, these processes could help the transition of the euro from its current status of single currency to a status of “common … clearing currency” along the lines proposed by Keynes at Bretton Woods as a system of international settlements. Eurozone …