The introduction of the euro meant that countries with sovereign debt problems could not use monetisation and … devaluation as a way to prevent default. The institutional structures of the euro were also widely thought to prevent a country in … difficulties being bailed out by other euro members or having its sovereign debt purchased by the ECB. Despite these restrictions …

The euro has had a difficult second decade but the project has still had some important successes. The common currency … is popular among the euro area's citizens, intra-European exchange rate instability has been removed and the ECB has … successfully achieved its primary goal of price stability. The single currency's popularity has made the euro more resilient than …

Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find …, a rise in the income elasticity after 2001 is taken into account. The break might be linked to the introduction of euro …

euro area. To control for international spillovers, global VARs are also considered. Differences in the results can provide … a measure on the impact of financial market integration. The specifications point to some impact of liquidity shocks on …

This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by …

. After a long period of catching up with US levels of labour productivity, euro area productivity growth had, from the mid … context. In updating this earlier analysis, we find that the growth prospects of the euro area have deteriorated further. With … backdrop, we provide a long-term projection for euro area GDP based on unchanged policies and discuss the possible impacts of …

predicting euro area inflation. Excess liquidity is measured as the difference between the actual money stock and its fundamental …

This paper explores the long run relationship between public and private investment in the euro area in terms of … investment might have restricted private investment and GDP growth in the euro area. The results have strong implications for the … future direction of fiscal austerity programs to combat the euro area debt crisis. …