The euro area recently experienced a prolonged period of weak economic activity and very
low inflation. This paper reviews models of business cycle stabilization with an eye to …

At the 25th anniversary of the Maastricht Treaty, this paper reviews the merits of introducing
a safe sovereign asset for the eurozone. The triple euro area crisis showed the costly …

German policy during the Eurozone crisis supposedly follows an ordoliberal tradition. In this
paper, we discuss to what extent this contention holds and to what extent Germany …

Abstract Over 2014–2019, the euro area charted a substantial post-crisis economic recovery
while also reducing macro-financial vulnerabilities. The array of post-crisis institutional …

When it was created, it was reasonable to think that the architecture of the monetary union
was not perfect. It was also likely that the imperfections would lead to difficulties, possibly …

The main proposals for the reform of the European Union's fiscal policy framework affect
three blocks of issues:(i) simplifying the rules to make them more transparent and flexible;(ii) …

A missing element in the architecture of the euro area is a mechanism for an orderly
restructuring of unsustainable sovereign debt. Clear rules for creditor participation in case of …

The sovereign debt and refugee crises prove that Europe has failed to design institutions
that are robust enough to weather difficult times. The stakes are high–when economic …

This paper investigates empirically the linkages between corporate debt overhang and
investment activity at the firm level for a cross section of large-sized emerging market and …

This book offers a fresh perspective on the recent Eurozone" double crisis" and its related
economic policies. The authors present empirical evidence which sheds new light on the …