The creation of the euro should now be recognized as an experiment that has led to the sovereign debt crisis in several … exist in most Eurozone countries. Although the European Central Bank managed the euro in a way that achieved a low rate of …The emergence of these problems just a dozen years after the start of the euro in 1999 was not an accident or the …

At a time of historic challenges to the viability of the Eurozone, we assess the contribution of the EU and the Euro to … between member countries whether or not members have also adopted the Euro. The Euro adoption as well as the anticipation of … the Euro adoption has minimal effects on market integration …

euro's impact on financial integration is primarily driven by eliminating the currency risk. Legislative …Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms … remain unknown. We investigate the underlying channels of the euro's effect on financial integration using data on bilateral …

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 … complicated, what is the reason for the big discrepancy vis-à-vis other currency unions? We investigate three prominent possible …

This study grounds the establishment of EMU and the euro in the context of the history of international monetary … Scandinavian Currency Union were conducted in the broader setting of an international monetary order, the gold standard. There are … international and the domestic role of a leading currency. In particular, there is the possibility for the EMU that low rates of …

11 Europe and the Euro Edited by Alberto Alesina and Francesco Giavazzi The … Breakup of the Euro Area 11 Barry Eichengreen Comment: M artin Feldstein 2. The Euro … Comment: O tmar Issing 3. The Euro and Firm Restructuring 99 Matteo Bugamelli, Fabiano Schivardi …

Using new data on currency invoicing for Belgian firms, we analyze how firms make their currency choice, for both … staggered price setting with endogenous currency choice. Our structural specification provides a new test of the allocative … consequences of nominal rigidities, by estimating the treatment effect of foreign-currency price stickiness on the dynamic response …