setting under monetary union. This insight has not beenconfirmed by the EMU experience, which has been characterised by wage …

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 …

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 …

, 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 …

using high-frequency bond yield data for France, Germany, Italy and Spain. We find that Economic and Monetary Union (EMU … substantial increase in the anchoring of long-term inflation expectations since EMU, particularly for Italy and Spain, which since …

The harmonisation of fiscal and economic policy within the European Monetary Union (EMU) has had a considerable impact …

investors preferred portfolio assets of countries where the central bank gave relative importance to money. As for EMU, once … among euro area countries have increased due to the catalyst effect of EMU. Country's shares in the world market portfolio …, home bias, initial degree of misallocation across countries, past returns, diversification benefits and EMU can explain 35 …