The Euro trap: on bursting bubbles, budgets, and beliefs

Abstract

Introduction 1. Wish and Reality 2. Bubbles in the Periphery 3. The Other Side of the Coin 4. The Competitiveness Problem 5. The White Knight 6. The European Balance-of-Payments Crisis 7. Current Accounts, Capital Flight, and Target Balances 8. Stumbling Along 9. Rethinking the Eurosystem