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Athens desperately needs to sell a 3 billion euro, five-year Greek government bond with a yield of around 4.5-4.7 percent as it strives to convince the markets—as well as domestic voters—that the economy is about to recover after eight years of depression and austerity. So, it is willing to pay much more than the 0.89-1.2 percent that the European Stability Mechanism (ESM) is currently charging as part of Greece’s bailout program.
The introduction of the euro posed unique challenges for monetary policy. Some observers took the view that a single monetary policy for all euro-area countries would not succeed because the euro area did not fulfil the pre-requisites of on Optimum Currency Area (OCA). In his lecture Mr Garganas will argue that the traditional way of thinking about OCAs overlooks the fact that the criteria used to judge optimality are, to some extent, endogenous.
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