The European Stability Mechanism (ESM) is the crisis resolution institution of the euro area and, as such, is engaged in the analysis of economic and financial stability. The ESM's Working Paper Series presents research carried out by the ESM staff and external researchers cooperating with us. The papers in the series are circulated to add to the academic discussion and stimulate feedback. The analysis, conclusions, and opinions set forth are those of the authors alone and do not necessarily reflect the views of the European Stability Mechanism.
Global Reach of European Stability Mechanism (ESM) Research Paper Series
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