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 …

This paper studies the reaction of the mean and volatility of the euro-dollar exchange rate to statements of ECB … officials during the first years of EMU. We focus on statements on monetary policy and the (potential) strength of the euro. We …. In some cases there are effects of statements on the level of the euro-dollar rate. Efforts to talk up the euro have not …

between exchange rates and prices, showing that there is at most a moderate decline in exchange rate pass-through for the euro … of euro area exports to exchange rate changes may have declined somewhat as a result of globalisation, reflecting mainly … exchange rates on GDP and the potential role of valuation effects as a transmission channel in the case of the euro area …

Well-functioning economic structures are key for resilient and prospering euro area economies. The global financial and … sovereign debt crises exposed the limited resilience of the euro area's economic structures. Economic growth was masking … underlying weaknesses in several euro area countries. With the inception of the crises, significant efforts have been undertaken …

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 euro area. Since the European financial and debt crisis, public financing mechanisms and the unconventional monetary …

last two waves of EU enlargement have had on Russia, as well as the role of the euro in Russia. The analysis suggests that … euro by Russian residents and authorities in international transactions has increased, albeit at an uneven pace. While, in … general, the US dollar remains the major foreign currency used by Russian residents, the euro has gained importance as an …

The paper provides an analysis of the euro area money and bond markets and their infrastructure since the introduction … of the euro. Significant development in terms of integration took place in both markets in general to a various degree … notably regarding the bond market which lags behind in terms of liquidity, market completeness and overall size compared to …

Well-functioning economic structures are key for resilient and prospering euro area economies. The global financial and … sovereign debt crises exposed the limited resilience of the euro area’s economic structures. Economic growth was masking … underlying weaknesses in several euro area countries. With the inception of the crises, significant efforts have been undertaken …

balances, the common monetary policy may not be optimal for all of them. Euro area imbalances for potential output and for …

bond markets and improved economic sentiment, as reflected in higher equity prices. In contrast, passive euro liquidity … provision and even active measures (policy rate reductions and bond market interventions) delivered modest results. Although …. Overall, the results point to the ECB's limits in helping improve financial market's sentiment. …