Euro-zone Updates

It should be said that I am very interested in the functioning and in the recent developments of the Euro-zone, and most recently with EFSF which I have followed from the moment of its inception (here, here, here, in a section here and in the “Selected EU Documents” section of this blog).
I have consistently argued in favour of it and have tried to the best of my abilities to explore ways in which it can be improved. I have also tried to keep up with the growing literature on it as well as with the media reports on its background negotiations. Although the economics of choice under uncertainty, information asymmetries and game theory are quite easily understood, the drama of the actual negotiations is much more gripping and much more informative about the interests and beliefs of the decision makers. So in a sense we can understand the nature of the game being played, but the media reports inform our understanding of the priors with which each major player enters the game and the payoffs that they face.
I have mentioned this earlier, and I’d like to continue to do so in a set of upcoming posts which I shall very originally title “Euro-zone Updates”. My focus will be two-fold: 1st, my concern is with identifying those beliefs, how they are update and those payoffs and 2nd, to follow the media’s coverage as it struggles to understand the markets and the decision makers.

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