Trésor-Economics No. 120 - A budget for the euro area
The sovereign debt crisis that started in 2010 was a reminder of the euro area's design flaws: the area comprises a central monetary pillar (the ECB), but no unified "fiscal pillar", as in a federal state. Although its aggregate fundamentals are fairly sound by comparison with other currency areas, the euro area has experienced an episode of severe macroeconomic and financial instability unseen an... Lire la suite