examines the euro’s impact on international securities markets, including the role of the ECB, the evolution of EMU securities …This paper analyzes the structural implications of EMU for international capital markets. It discusses the potential … size of euro capital markets and the existing roles of European currencies in international capital markets. The paper also …

The success of European Economic and Monetary Union (EMU) will depend on the stability of the euro. The monetary policy … outcomes for major macroeconomic and financial variables pre- and post-EMU under both policy rules, as well as under an … inflation targeting rule that includes output. Implications for the euro as a reserve currency are examined in the light of the …

The paper compares the degree of capital market integration across euro-area countries with that across regions in … that across the regions or provinces. The evidence does not suggest that EMU will prompt a major reallocation of net … capital flows within the euro area that would entail sizable shifts in countries’ equilibrium current accounts …

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 …

When the euro was introduced in 1998, one objective was to create an alternative global reserve currency that would … grant benefits to euro area countries similar to the U.S. dollar's 'exorbitant privliege': id est, a boost to the perceived … quality of euro denominated assets that would increase demand for such assets and reduce euro area members' funding costs …

entry, and uses it to evaluate the assessment of the five tests for euro entry published by the U.K. Treasury in June 2003 …

Economic and Monetary Union (EMU), the euro was significantly undervalued against the dollar and the pound, but overvalued … against the yen. The paper also shows that the four major EMU currencies locked their parities with the euro at a rate close …

How much convergence has been achieved between Central and Eastern European (CEE) economies and the eurozone? We … explore this question by comparing long-run volatility trends in CEE currencies and the euro. We find that these trends are … closely correlated, pointing to convergence in the economic and financial structures of these economies. Nonetheless, the …

We compute government spending multipliers for the Euro Area (EA) contingent on the interestgrowth differential, the so …