This brief assesses the experiences of Europe's policy regime in the two years since the introduction of the euro in 1999, particularly the performance of the European Central Bank (ECB), the institution in charge of conducting monetary policy for the euro area. Conventional accounts of European...

Die Studie stellt die verbreitete These, die seit 2001 trotz konjunktureller Schwäche anhaltend hohe Inflationsrate im Euroraum sei die Folge struktureller Rigiditäten, in Frage. Anhänger dieser These sehen in Strukturreformen, die diese Rigiditäten beseitigen, die wichtigste Voraussetzung...

The ECB has been arguing in the past that since there is no trade-off between price stability and financial stability, the pursuit of price stability is the best a central bank can do to also maintain financial stability. We argue that there is a potential trade-off between price stability and...

"This paper deals with potential instabilities in the Eurozone stemming from an insufficient interplay between monetary policy and reform effort on the one hand and the emergence of intra-Euro area divergences on the other. As a first step, we assess the effect of EMU on structural reform and...