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

This paper examines opposing views on the euro''s challenge to the dollar as an international currency. One view … also show the euro has significantly overtaken the legacy currencies as a reserve currency. Generally, large economic size … alone is insufficient to challenge the network externalities supporting vehicle currencies, but scope exists for the euro to …

optimal allocations. Implications for a currency union in Europe are discussed …

We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high …

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 …

Using symmetric data sets of 92 weekly return observations before and after the introduction of the euro, the paper … analyzes the impact of the new currency on the return structure of equity markets in the European Monetary Union. Variance …. European industry factors are found to have dramatically increased in importance with the launch of the single currency, and a …

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

over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area … tends to be more balanced when nominal exchange rates are flexible. Intra-euro area imbalances also seem to have become more … persistent with the introduction of the euro, some of which is linked to labor market inflexibility. Reviewing the direction of …