economic crisis. The ongoing financial crisis has made euro adoption more attractive than ever and put it on the top of the … country’s policy agenda. However, shocks affecting Estonia are only weakly synchronized with those of the euro area, and the … structure of its economy also notably differs from the euro zone. To benefit fully from joining the EMU, Estonia must strengthen …

During the first two years of monetary union, the euro's weakness surprised most market participants. Explanations … empirical analysis showing that terms-of-trade and saving/investment behaviour seem to have driven the euro exchange rate over … view that towards the end of 2000, the euro was significantly undervalued ... …

This paper investigates the determinants of money demand (M3) in the euro area. It specifically examines the potential … disrupted by the adoption of the euro on 1 January 1999, while the impact of wealth on money demand may have increased ... …

that the collateral framework in the euro area promotes risky and illiquid collateral and, more generally, impairs market …