In this paper we examine why monetary aggregates of euro area Member States have developed differently since the … inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution …

We analyze the benefits and costs of a non-euro country opting-in to the banking union. The decision to opt-in depends …, non-euro countries participating in the banking union will not be on equal footing with euro area members. Analysis …-capitalized backstops is established it may be optimal for a non-euro country to join the banking union upon the euro adoption. Assessing …