The objective of this paper is to analyse key aspects of economic policy in EMU taking into account the basic … policy co-ordination, and (iii) the single monetary policy. The paper argues that EMU provides a framework favourable to … economic activity provided EMU advantages are fully exploited and disadvantages minimized. An optimal use of available policy …

The EMU fiscal adjustment paths of the four Southern Europe members (Italy, Spain, Greece, and Portugal – SE-4) vary … along two dimensions: a) cross-temporal (pre- and post-EMU accession) and b) cross-country. We account for the cross …-temporal variation by distinguishing between the ‘hard’ and ‘softer’ EMU conditionality of the pre- and post-accession stage. External …

In this research report IDEAS explores the current euro crisis by looking at the debates preceding the conception of … the euro. How can the early days of EU monetary cooperation help us understand today's predicament? And what lessons can … we draw from them for the euro? Emmanuel Mourlon-Druol is Pinto Fellow at LSE IDEAS. Today's debates about the viability …

We study the mechanisms through which the adoption of the Euro delayed, rather than advanced, economic reforms in the … Euro zone periphery and led to the deterioration of important institutions in these countries. We show that the abandonment … process after the creation of the Euro. …

seems to double or triple, that is, to increase by 100-200%. After the advent of EMU in 1999, Micco, Ordoñez and Stein and … others used the gravity model on a much smaller data set to estimate the effects of the euro on trade among its members. The … that were estimated in the euro's first four years hold up in the second four years? The answer is yes. Second, and more …