1 Sandbu, M. “Europe’s Orphan: The Future of the Euro and the Politics of Debt”, Princeton University Press, 2015.

2 Funk, L. ‘Towards a Resilient EMU? The German- Inspired Response to the Euro Crisis Assessed’, in: Ryan, J. (ed.): Towards a Resilient Eurozone — Economic, Monetary and Fiscal Policies, Frankfurt/M.: Lang, pp. 31–67, 2015

3 Sandbu, M., Europe’s Orphan: The Future of the Euro and the Politics of Debt, Princeton University Press, 2015.

4 Werner, R A. ‘A comparative analysis of the independence of the ECB, the Bundesbank and the Reichsbank’, International Finance Review, 6, 1–16, 2006

5 Feldstein, M., “The Failure of the Euro: The Little Currency that Couldn’t,” Foreign Affairs 911, January/February, 2012.

6 James, H, “Making the European Monetary Union”, Harvard University Press, 2012.

7 James, H, “Making the European Monetary Union”, Harvard University Press, 2012.

8 Benjamin J. Cohen. Why can’t Europe save itself? A note on a structural failure, Contemporary Politics, 2015.

9 O’Rourke, K. H., & Taylor, A. M. Cross of euros. Journal of Economic Perspectives, 27(3), 167– 192, 2013

10 Sandbu, M. Europe’s Orphan: The Future of the Euro and the Politics of Debt, Princeton University Press, 2015.

11 Whelan, K. “The ECB and Financial Assistance Programmes: Has ECB Acted Beyond its Mandate? “, European Parliament, DG for Internal Policies, Policy Department A: Economic and Scientific Policy October 2015.

12 Helleiner, E. ‘The Future of the Euro in a Global Monetary Context’, in: Matthijs, M. and Blyth, M. (eds.): The Future of the Euro: Oxford: Oxford University Press, pp. 233–248, 2015

13 Giavezzi, F. and Wyplosz, C. ‘EMU: Old Flaws Revisited’, Journal of European Integration, Vol. 37, №7, pp. 723–738, 2015

14 For example, ECB Vice President Vitor Constancio stated that the ECB sought to “avoid any restructuring involving haircuts or partial default, which would constitute a credit event” (Reuters, June 6, 2011).

15 De Grauwe, P. “The ECB grants debt relief to all Eurozone nations except Greece”, Voxeu, 13 May 2016.

16 BBC News, “Wolfgang Schaeuble: Germany’s man with a Grexit plan”, 14 July 2015

17 The Bank of Greece Report on Monetary Policy 2014–2015, 17 June 2015

18 Evans-Pritchard, A. “Greek central bank is playing with political fire”, Daily Telegraph, 18 June 2015.

19 The Bank of Greece Report on Monetary Policy 2014–2015, 17 June 2015.

20 Reuters, “ECB’s Coeure says Grexit now a possibility — Les Echos”, 29 June 2015.

21 IMF, “Greece : Preliminary Debt Sustainability Analysis-Updated Estimates and Further Considerations”, 23 May 2016

22 Lapavitsas, C. “One year on, Syriza has sold its soul for power”, The Guardian, 25 January 2016

23 Elliott, L and Atkinson, D. “Europe isn’t working”, Yale University Press, 2016

24 Eichengreen, B. & Wyplosz, C. “Minimal conditions for the survival of the euro”, Voxeu.org, 14 March 2016