This article addresses puzzles raised by the Euro crisis: why was EMU established with
limited institutional capacities, where do the roots of the crisis lie, how can the response to …

European debates over reform of the fiscal governance of the euro area frequently reference
fiscal federalism in the United States. he “fiscal compact” agreed by the European Council …

ABSTRACT In 2012, the European Union (EU) adopted a transformational change to its
banking policy for the eurozone. It replaced the policy model of decentralized supervision …

For well over a decade many observers had warned that the European Union was ill-
prepared in case of a financial storm because its market integration far outpaced its policy …

The euro area's sovereign debt crisis continues though significant steps have been taken to
resolve it. This paper proposes a comprehensive solution to the crisis based on three pillars …

In early 2005, the Institute published a comprehensive study of the impact of the trade
globalization of the previous six decades on the American economy. 1 That analysis …

New obstacles to the European banking union have emerged over the last year, but a
successful transition remains both necessary and possible. The key next step will be in the …

Problems in the banking system are at the core of the current crisis. The establishment of a
banking union is a necessary (though not sufficient) condition for eventual crisis resolution …

Abstract Based on Contingent Claims Analysis, this paper develops a method to monitor
systemic risk in the European banking system. Aggregated Distance-to-Default series are …

This paper proposes an integrated crisis management and resolution framework for the EU's
single banking market. It comprises a European Resolution Authority (ERA), armed with the …