the bank has put its independence at risk. The bank’s vow to do “whatever it takes” to save the euro has added a second …

The euro area crisis is the main external factor threatening the Swiss economy. In 2010 and 2011, the Swiss franc was … rapidly appreciating against the euro, causing a drop in exports, losses for the tourism business and a rise in unemployment …. This paper gives an overview of developments in the euro area and explains the reasons for the strength of the franc, the …

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 …

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 …