financial integration within the euro zone, a possible financial integration process within the non-euro zone continues to be … ignored. It seems that due to the weak development of financial markets, the economies outside of the euro zone are relatively … more protected against crisis when compared to those inside the euro zone. Therefore, the so-called contagion effect is …

example has been cruelly shaken by the EZ (Euro Zone) crisis, originating increasing doubts about the integration process. It … periphery countries, but surely they will drive Euro Area as a whole to stagnation and lost decades of economic growth, if not …

that are held for transaction purposes both in Germany and outside the euro area. The estimation of the volume of €20 … now, it was not clear how many of these German-issued euro banknotes are actually used for payment purposes. Owing to the … shipments by the Deutsche Bundesbank - held for transaction purposes outside the euro area was estimated at just over €3 billion …