euro area countries and central and eastern European countries (CEECs). The shocks and the shock adjustment dynamics of …-2001, we find that there are still differences in the shocks and in the adjustment process to shocks between the euro area and … euro area countries …

The likely enlargement of euro-area membership will radically change the environment under which monetary policy will … be made in the euro area. Within less than a decade, the number of member countries in the euro area could more than … could build, and discusses four specific institutional reform scenarios. The analysis coincides with the ECB Council being …

, financial system soundness) for ERM2, each candidate should be able to shadow the euro, with sufficient flexibility around the …

effects: those stemming from the need to satisfy the Maastricht convergence criteria before joining the euro area, and those …

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 … euro. Spillovers of volatility across regional markets appear to have diminished over time, with the exception of the …

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 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 …