ABSTRACT
During 2012–2013, speculative attacks on titles of sovereign debt of weaker member countries, endangering the continuation of the common currency area itself, were eventually contained by statements and actions of the European Central Bank, able to convince the market that defaults would not occur at least in a near horizon. However, the institutional and structural flaws of the “eurosystem” are still there, and “eurocrisis,” meant as the crisis of the real economies of member countries, facing the effect of fiscal adjustments, appears to get worse…. These notes are meant to recall these original weaknesses and critical developments of the euro area, in a joint consideration of the financial and real aspects of the crisis.
