of the ECB have contributed to the persistence of intra-euro area current account imbalances … euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels … of euro area central banks are identified. It is found that differing fiscal policy stances which have interacted …

The European Central Bank (ECB) took many measures to combat the eurozone’s rolling financial crisis. For providing … desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we … identify financial markets’ response to the ECB’s liquidity injections and its more pro-active monetary stimulus between …

In this paper, sound public finances under the euro means sustainability in the long term instead of short- and medium …-term fiscal discipline. The challenges to sustainability are identified for the four largest euro area member states, and several … resort for a euro area government under liquidity shortage to prevent it from developing into a general financial crisis …

balance, we assess the Twin Deficit Hypothesis for the Euro Area in the period 1995-2020. Furthermore, we estimate time …

We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our …. One of the key findings is that the eurozone countries in trade with Norway have substantially increased their share of … home currency invoicing after the introduction of the euro. In addition, the euro as a vehicle currency has overtaken the …

We explore the effects of the ECB's unconventional monetary policy on the banks' sovereign debt portfolios. In … exposure of banks to the debt issued by the national government. Our results suggest that euro area crisis countries' banks …

We explore the reaction of the euro area periphery sovereigns' fiscal positions to an unconventional monetary policy …

This paper shows that the eurozone payment system does not effectively protect member states from speculative attacks … distributive effects of an orderly eurozone dissolution …

We study the information flow from the ECB on policy dates since its inception, using tick data. We show that three … speeches. To carry out the analysis, we construct the Euro Area Monetary Policy Event-Study Database (EA-MPD). This database …, is a contribution on its own right and we expect it to be the standard in monetary policy research for the euro area …