Economic theory has recently begun to consider the economic impact of narratives. Narrative economics can also be extended to the analysis of the economic-political effect of narratives in the context of the European core-periphery divide, which intensified after the European sovereign-debt...

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...