This paper provides evidence on whether the creation of the euro has changed the way global turbulences affect euro … area and other economies. Specifically, it considers the impact of global shocks on the competitiveness of individual euro … over 60 countries' real effective exchange rates, including those of the individual euro area economies, and compares …

euro area, and investigates their linkages in a VAR framework, also allowing for the possible impact of the policy regime … of the euro and resulting in lower long-run uncertainty. It also appears that the direction of causality has been … reversed, and that in the euro period the Friedman-Ball link is empirically supported, consistently with the idea that the ECB …

unique Euro area bank lending surveys. Embedding this information within a standard VAR model, we find that: (1) the credit …) during the crisis, credit supply restrictions to firms in the Euro area and tighter standards for mortgage loans in the US …

in the euro area. First, it establishes some stylised facts concerning key variables in the housing market, such as the … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area …