The Euro and the Battle of Ideas

The No-Bailout Clause -- Fiscal Unions -- Eurobonds -- Policy Recommendations -- 7: Solvency versus Liquidity -- Buildup of Imbalances and the Naked Swimmer -- Solvency -- Liquidity -- Crossing the Rubicon via Default -- Sovereign-Debt Restructuring and Insolvency Mechanism -- Fiscal Push: Increasing Scale and Scope of EFSF and ESM -- Monetary Push -- Policy Recommendations -- 8: Austerity versus Stimulus -- The Fiscal Multiplier Debate -- The Output Gap versus Unsustainable Booms Debate -- Politics Connects Structural Reforms and Austerity