The rapid integration of the euro area money markets has been closely linked to the development of TARGET), the real-time gross settlement (RTGS) system for the euro, which has been operational since the launch of the single currency. Following its inception in 1999,TARGET became a benchmark for...

Small open economies within a monetary union have a limited range of stabilisation tools, as area-wide nominal interest and exchange rates do not respond to country-specific shocks. Such limitations imply that imbalances can be difficult to resolve. We assess the role that government spending...

An earlier book, "The development of statistics for Economic and Monetary Union" published by the ECB in July 2004, described the statistical preparations for monetary union between adoption of the Treaty on European Union (Maastricht Treaty) in 1992 and the start of monetary union in 1999, and...

An earlier book, "The development of statistics for Economic and Monetary Union" published by the ECB in July 2004, described the statistical preparations for monetary union between adoption of the Treaty on European Union (Maastricht Treaty) in 1992 and the start of monetary union in 1999, and...