into the euro area. This paper addresses the question of whether a reduction of public deficits, such as imposed by the … Maastricht fiscal criteria, is a necessary or useful step on the road to the adoption of the euro. The question is addressed by …

The EMU accession countries are obliged to fulfill the Maastricht convergence criteria prior to entering the EMU. This … convergence criteria modify optimal monetary policy in an economy facing domestic and external shocks? First, we derive the micro …

productivity convergence among euro area countries. While no convergence can be found on the aggregate level, selected service … sectors and manufacturing sub-industries indicate evidence of convergence. In a search for factors influencing productivity … constitute a burden. Consequently, euro area countries should engage in structural reforms where necessary to provide a more …

The move to monetary union in Europe led to convergence of interest rates among the participating countries. This was …

We study the business cycle properties of the four largest euro area economies in the wake of the recent recession … measure alikeness of business cycles by studying the synchronization of up and down phases, the convergence properties of … country fluctuations towards the euro area cycles and the contribution of the euro area factor to national GDP volatilities …

This paper analyses the determinants of inflation differentials and price levels across the euro area countries … euro area country is governed by the levels of GDP per capita …

, business cycles are not yet well synchronized with the euro area's business cycle, and risk-sharing mechanisms may not provide …

In this paper we examine the sustainability of euro area public finances against the backdrop of population ageing. We … alternative indicators to quantify sustainability gaps for euro area countries. With respect to the policy implications, we assess … adjustment in a disproportionate way to future generations. For many euro area countries this implies that the medium …

We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries …) has led to substantial convergence in euro area sovereign bond markets in terms of interest rate levels, unconditional … substantially across euro area countries and even been eliminated over time, thus underlining not only market integration but also …

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 …