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Will the eurozone turn into a collection of emerging markets? "Emerging markets" suffer chronically from elevated macroeconomic instability. In the good years of expanding global liquidity they attract large capital infl ows at low real interest rates and enjoy a credit-funded boom. In the bad years, when creditors suddenly retract, they fi nd themselves deprived of fi scal and monetary policy options to smooth the decline in output and subject to high sovereign country risk premia, which chokedoi:10.1007/s10272-011-0373-8 fatcat:uuefv4gd7jeenbv7xdcq64ah6i