size of euro capital markets and the existing roles of European currencies in international capital markets. The paper also … examines the euro’s impact on international securities markets, including the role of the ECB, the evolution of EMU securities …, as are the broader implications of the introduction of the euro for changes in international capital flows, international …

The paper compares the degree of capital market integration across euro-area countries with that across regions in … capital flows within the euro area that would entail sizable shifts in countries’ equilibrium current accounts …

This paper uses a novel variant of identification through hetroscedacity to estimate spillovers across U.S., Euro area … reverberate around the world much more strongly than shocks from other regions, including the Euro area, while inward spillovers … to the U.S. from elsewhere are minimal. There is also evidence of two-way spillovers between the UK and Euro area …

We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level …. Our empirical analysis shows that euro area investors (in particular investment funds and households) actively rebalanced … away from securities targeted under the Public Sector Purchase Programme and other euro-denominated debt securities …

The success of European Economic and Monetary Union (EMU) will depend on the stability of the euro. The monetary policy … inflation targeting rule that includes output. Implications for the euro as a reserve currency are examined in the light of the …

This paper explores inflation determinants within the EU and implications for new members'' euro adoption plans. Factor …