accompany fiscal consolidation and discusses the appropriate tools of crisis management and why a restructuring of the Eurozone … is not the right step. Based on these considerations, a long-term target picture for the Eurozone as a part of the EU is …

surpluses. In the data, adjustments to convenience yields explain a larger fraction of the variation in Eurozone bond yields …-section and in the time series. These findings imply large fiscal costs especially on the peripheral countries. If all Eurozone … billion euros in cumulative revenues from bond issuance between 2003 and 2020, representing 2.6% of 2020 Eurozone GDP …