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The euro plus pact: cost competitiveness and external capital flows in the EU countries

Gabrisch, Hubert; Staehr, Karsten - European Central Bank - 2014

The Euro Plus Pact was approved by 23 EU countries in March 2011 and came into force shortly afterwards. The Pact stipulates a range of quantitative targets meant to strengthen cost competitiveness with the aim of preventing the accumulation of external financial imbalances. This paper uses...

Persistent link: https://www.econbiz.de/10010753760

The reform and implementation of the Stability and Growth Pact

Morris, Richard; Ongena, Hedwig; Schuknecht, Ludger - European Central Bank - 2006

threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal rules should combine characteristics such …-based framework for fiscal polices in EMU. However, the implementation of the Pact was less than fully satisfactory. One year ago, the …

Persistent link: https://www.econbiz.de/10005344800

Measuring financial integration in the euro area

Baele, Lieven; Ferrando, Annalisa; Hördahl, Peter; … - European Central Bank - 2004

In this paper, we present a set of specific measures to quantify the state and evolution of financial integration in the euro area. Five key markets are considered, namely the money, corporate bond, government bond, credit and equity markets. Building upon the law of one price, we developed two...

Persistent link: https://www.econbiz.de/10005816123

Global bond portfolios and EMU

Lane, Philip R. - European Central Bank - 2005

We examine the bilateral composition of international bond portfolios for the euro area and the individual EMU member … countries. We find considerable support for “euro area bias”: EMU member countries disproportionately invest in one another … linkages in explaining asymmetries across EMU member countries in terms of their outward and inward bond investments vis …

Persistent link: https://www.econbiz.de/10005816164

Inflation and inflation uncertainty in the euro area

Caporale, Guglielmo Maria; Paesani, Paolo; Onorante, Luca - European Central Bank - 2010

change associated with the start of EMU in 1999. The main findings are as follows. Steadystate inflation and inflation … uncertainty have declined steadily since the inception of EMU, whilst short-run uncertainty has increased, mainly owing to …

Persistent link: https://www.econbiz.de/10008560373

EMU and the adjustment to asymmetric shocks: the case of Italy

Amisano, Gianni; Giammarioli, Nicola; Stracca, Livio - European Central Bank - 2009

In this paper we address the question on whether EMU has amplified or dampened intra euro area divergencies, by looking … to 2009. Our main result is that EMU does not appear to have materially changed the transmission mechanism of … idiosyncratic monetary shocks. The net effect of EMU, therefore, has been to reduce the relative performance variability. The …

Persistent link: https://www.econbiz.de/10008502692

Financial integration, international portfolio choice and the European Monetary Union

Santis, Roberto A. De; Gérard, Bruno - European Central Bank - 2006

, we show that the European Economic and Monetary Union (EMU) eased the access to the equity market and, to a larger extent …, the bond market; thereby, enhancing regional financial integration in the euro area. Beside the effect of the EMU, the …

Persistent link: https://www.econbiz.de/10005068632

Exchange rates and fundamentals: new evidence from real-time data

Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2004

This paper analyses the link between economic fundamentals and exchange rates by investigating the importance of real-time data. We find that such economic news in the United States, Germany and the euro area have indeed been a driving force behind daily US dollar – euro/DEM exchange rate...

Persistent link: https://www.econbiz.de/10005070386

Economic and monetary integration of the new Member States - helping to chart the route

Angeloni, Ignazio; Flad, Michael; Mongelli, Francesco Paolo - European Central Bank - 2005

This paper examines diverse aspects of the monetary integration of the ten new Member States (NMS) which joined the EU on 1 May 2004 into the euro area. Most NMS have undergone a rapid and deep transformation in all areas with considerable progress in their processes of reform and convergence,...

Persistent link: https://www.econbiz.de/10005042601

Inflation persistence and price-setting behaviour in the euro area – a summary of the IPN evidence

Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - European Central Bank - 2006

This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings are - i) Under the current monetary policy regime, the...

Persistent link: https://www.econbiz.de/10005530648