Controversial and Novel Features of the Eurozone Crisis as a Balance of Payment Crisis Sergio Cesaratto

In this article, the author examines conventional and heterodox explanations attributed to the nature balance of payments disequilibrium of the Eurozone countries in relation to the presumed German mercantilism. Besides exploring the two different interpretations of the causes of the rise in the sovereign spread of periphery countries, the articles also focuses on the novel and controversial features of the Eurozone balance of payment crisis and the role of European Central Bank in refinancing banks in peripheral countries.

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(This paper was originally published in: http://www.econ-pol.unisi.it/dipartimento/it/node/1649.)