entry to the euro. We derive conditional probability distributions for the difference between the future realisations of …, Pesaran and Smith (2005). The paper briefly describes the GVAR which has been estimated for 25 countries and the euro area … euro area as a result of entry. It examines the sensitivity of these results to a variety of assumptions about UK entry. …

after the introduction of the euro for the EMU countries asopposed to the non-EMU countries. I do not obtain strong evidence … supporting PPP forthe EMU countries since the euro adoption, but the faster mean reversion I observe inthe few EMU countries …) countriesthat adopted the euro, and 3 non-EMU countries] from 1993 to 2002 using a dynamicpanel data model. My main contributions to …

exchange rate stability constraints imposed by the obligatory participation in the ERM2 on the path to the euro. The modified … policy framework is based on targeting the differential between the domestic and the implicit euro area inflation forecasts …

rate model, namely: differences in the theoretical underpinnings; differences in the econometric estimation techniques; and …

within the projected time frame. Despite the merits of nominal appreciation, countries committed to hard euro pegs might …

Traditionally clustered around one leading "hegemonic" world currency, with the introduction of the euro the … in the international consequences of the introduction of the Euro and analyzes the costs and gains from cooperation in …

of EMU). Second it reviews how ERM2 is conducive to future euro-zone membership of the accession countries. From the … "outs" to fulfill the convergence criteria, and whether in this case "ins" open the door for the "outs" to enter the euro … of the Central and Eastern European accession countries to the euro area. In order to overcome these pitfalls the author …

unevenly distributed over the participants ?? on the other hand, the internal (inflation) and external (value of the Euro vis …), whereas the "soft-currency" group has to carry the adjustment costs to a regime of fixed exchange rates (Euro) which results … ("soft-currency" countries). If the EMU will start with a large group there will be a tendency to devalue the Euro against …