Introduction / Miroslav Beblavý, David Cobham and L̕udovít Ódor -- Towards a new architecture for financial stability in Europe / Athanasios Orphanides -- Weathering the financial storm: the importance of fundamentals and flexibility / Thorvardur Tjörvi Ólafsson and Thórarinn G. Pétursson -- The Irish crisis / Philip R. Lane -- The crisis in Spain: origins and developments / Angel Gavilán, Pablo Hernández de Cos, Juan F. Jimeno and Juan A. Rojas -- The financial crisis and the Baltic countries / Aurelijus Dabušinskas and Martti Randveer -- The road to euro adoption: a comparison of Slovakia and Slovenia / Biswajit Banerjee, Damjan Kozamernik and L̕udovít Ódor -- Is the euro really a 'teuro'? The effects of introducing the euro on prices of everyday non-tradables in Slovakia Miroslav Beblavý -- The euro's contribution to economic stability in Central, Eastern and Southeastern Europe: is euro adoption still attractive? / Ewald Nowotny -- Is the euro still attractive for CEE countries? / Zdeněk Tůma and David Vávra -- Why the current account may matter in a monetary union: lessons from the financial crisis in the euro area / Francesco Giavazzi and Luigi Spaventa -- National fiscal rules within the EU framework / Daniele Franco and Stefania Zotteri -- The road to better resolution: from bail-out to bail-in / Thomas F. Huertas -- Financial stability and monetary policy: lessons from the euro area / Laurent Clerc and Benoît Mojon -- Is there a case for price-level targeting? / Boris Cournède and Diego Moccero -- Heterogeneity in the euro area and why it matters for the future of the currency union / Wendy Carlin -- The euro area: how to regain confidence / Vitor Gaspar -- How to regain confidence in the euro area / Stefan Gerlach -- How to save the euro: lessons from the US / Jacques Mélitz.