The start of the European Economic and Monetary Union (EMU) has spurred a new interest in the debate on the effects of … attempts to gauge any effect with a few years of EMU data. This paper takes instead a more general perspective - it …

the euro area. Employment began to rise again in the first half of 2011, but declined once more at the end of that year … fall in GDP, employment adjustment has been relatively muted at the aggregate euro area level, mostly due to significant … labour hoarding in several euro area countries. While the crisis has, so far, had a more limited or shorter-lived impact in …

on 1 May 2004 into the euro area. Most NMS have undergone a rapid and deep transformation in all areas with considerable … the euro area in the process of labour market and institutional reform (their labour market structures are more flexible … than those of the euro area countries). There is also some evidence that a few NMS have a significant degree of business …

-making, and thereby facilitates the maintenance of price stability in the euro area. A fully-fledged committee structure has also … contributed to the smooth integration of non-euro area Member States into the Eurosystem’s monetary policy decision-making process. …

-making, and thereby facilitates the maintenance of price stability in the euro area. A fully-fledged committee structure has also … contributed to the smooth integration of non-euro area Member States into the Eurosystem's monetary policy decision-making process …

inflation and macroeconomic imbalances, close economic and financial linkages with the euro area, as well as the perspective of …. Nevertheless, further efforts are needed, while acknowledging that some specific factors like the strong presence of euro area …

inflation and macroeconomic imbalances, close economic and financial linkages with the euro area, as well as the perspective of …. Nevertheless, further efforts are needed, while acknowledging that some specific factors like the strong presence of euro area …

in response to the euro area crisis. The paper complements the economic narratives of the crisis with an institutional … approach highlighting the remedies to the flaws in the initial design of Economic and Monetary Union (EMU). In fact, since 2010 …, EMU’s institutional framework has been substantially reformed. While work on EMU’s new governance is still in progress …