This paper overviews the early history of the euro and argues that the euro was sub-optimally designed, without … monetary sovereignty of Eurozone (EZ) Member States, in order to comply with political goals set by wealthier Member States …. Given this constraint, the euro architects designed a single currency in which its irreversibility is achieved through the …

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have … warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific …

We run simulations of current account rebalancing scenarios in the Euro Area and the European Union based on a closed … constraint. Then, a coordinated asymmetric expansion in the Euro Area could alleviate the unemployment crisis in the European … Südländer durch eine Verbesserung der Handelsbilanz abschwächen. Insgesamt könnte eine solche koordinierte, aber asymmetrische …

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have … warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific …

(trade balance vis-à-vis euro area) and the extra balance (trade balance vis-à-vis the rest of the world). Overall, our …

The euro area crisis is often linked to the emergence of current account imbalances. As most of the deficit countries … of claims of domestic banks on debtors in other euro-area countries, and an increase is expected to lead to higher …

The euro area crisis is often linked to the emergence of current account imbalances. As most of the deficit countries …

We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the … in euro area member countries. Our results suggest that TARGET2 has significantly affected the transmission of capital ow …