set of restrictions on the structural shocks of a VAR of the Euro area. Their approach does not uniquely identify a … that, unlike previous studies, their method is able to separate monetary policy surprises from confounding central bank …

This paper studies the impact of monetary policy on fiscal sustainability in the euro area. Our sample includes 12 euro … including the monetary policy stance as an interaction term. Our findings are as follows: First, a contractionary (expansionary …) monetary stance tends to lead to an increase (decrease) in the primary balance. Second, the ECB’s monetary policy stance …

further monetary integration, making a common monetary policy hazardous … may have important consequences, as existing differences in business cycles in the EMU-countries may not disappear due to …

This paper reviews the main arguments underpinning the reform of the EU's fiscal framework, which has culminated in the … adoption by the EU legislators of a revised set of rules for the European economic governance including the Stability and … of the fiscal rules with better fiscal coordination through the establishment of a permanent euro area fiscal capacity …

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We …

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We …

, business cycles are not yet well synchronized with the euro area's business cycle, and risk-sharing mechanisms may not provide …In this paper we provide a positive exercise on past business-cycle correlations and risk sharing in the European Union …

This paper reviews the main arguments underpinning the reform of the EU's fiscal framework, which has culminated in the … adoption by the EU legislators of a revised set of rules for the European economic governance including the Stability and … of the fiscal rules with better fiscal coordination through the establishment of a permanent euro area fiscal capacity …