This paper analyses the impact of the global financial crisis on euro area cross-border financial flows by comparing … significant changes in the composition of euro area cross-border portfolio flows, as investors shifted from equity to debt … crossborder financial activity may have a major bearing on growth prospects for the euro area and may also matter from a financial …

2008. This paper discusses the main mechanisms behind the global downturn in trade and its impact on euro area exports and … competitiveness. It finds that the euro area was hit particularly hard by the contraction in global demand. Moreover, the collapse in … the demand for euro area products during the downturn was exacerbated to some degree by unfavourable developments in price …

the euro area. Employment began to rise again in the first half of 2011, but declined once more at the end of that year … fall in GDP, employment adjustment has been relatively muted at the aggregate euro area level, mostly due to significant … labour hoarding in several euro area countries. While the crisis has, so far, had a more limited or shorter-lived impact in …

investigated from an empirical perspective for the euro area as a whole, for individual euro area member countries and for other EU … or a common pattern in macro-financial linkages across the euro area and do these linkages vary over time? 4) Do cross … between euro area and other countries. Results also indicate that cross-country spillovers matter. Finally, important non …

recession for decades. As in many other regions of the world, governments in the euro area stepped in with a wide range of … impact on fiscal positions and endangered the longer-term sustainability of public finances in the euro area and its member … lessons from the crisis for the future conduct of fiscal policies in the euro area …

first is the global financial crisis in 2008-09, and the second is the euro area sovereign debt crisis in 2010-12. Both … sequence of financial reforms has improved the sector’s ability to deal with major macro-financial shocks at the EU/euro area …

The global financial and economic crisis – including two euro area recessions in 2008-2009 and 2011-2013 – has had a … heavy impact on euro area labour markets. A notable feature throughout the crisis has been the considerable degree of cross … persisting increases in unemployment. This paper analyses the impacts of the crisis on euro area labour markets, paying …

In the euro area, there is mixed evidence that the GDP per capita of lower-income economies has been catching up with …-convergence trap” long before the euro years. We also provide stylised facts on: (i) the central role of total factor productivity in … driving real convergence in the euro area over time, alongside other factors; and (ii) the crucial interaction of real …

requirements and holdings of equivalent central bank deposits – has tended to accumulate in specific euro area countries and in a … differences across the euro area and the “home bias” in euro area government bond holdings. Overall, the net cross-border flows of …