The synchronized disinflation across Europe since end-2011 raises the question of whether non-euro area EU countries … are affected by the undershooting of the euro area inflation target. To shed light on this issue, we estimate an open …-economy, New Keynsian Phillips curve, in which we control for imported inflation. Regression results suggest that falling food and …

weaker linkages bewteen inflation and real credit growth within Europe. While the euro area is the dominant source of … countries with the advanced Europe countries. The results show strong co-movements in output growth and interest rates but … small but notable impact of CESEE countries on the rest of the Europe. …

single resolution and common safety net; and urgent issues related to repair of weak banks in Europe. …

policy options to facilitate an orderly balance-sheet adjustment and support a return to productivity and growth. …

characterizing disinflation programs anchored by the exchange rate. The financial system is characterized by bank dominance and … borrowers. Model dynamics simulation shows that remonetization in the wake of disinflation increases loanable funds supply and …

. Instead, we find that two other factors- doubts about the sustainability of disinflation and the existence of a risk premium …