those of bailouts. Furthermore, we demonstrate that the Euro depreciates significantly against the Yen and US Dollar … following general risk shocks in the euro area and only to a small extent following bailout shocks. The Pound Sterling is not … affected by any of these shocks. The Euro variability is, from the EMU perspective, mainly driven by shocks stemming from large …

dispersion of current account balances in the Euro Area. We investigate this hypothesis quantitatively. We develop an open …

euro area, and European monetary policy. It becomes evident that the TARGET flows between 2015 and 2017 can be ascribed in … large part to monetary policy and to a minor extent to the risk assessment within the euro area. At the peak of the European … debt crisis between 2010 and mid-2012, the TARGET flows were affected by uncertainty in the euro area as a dominant factor …