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 …

Whether the prospective shift of the peg of the CFA franc to the euro would constitute an exchange rate arrangement …

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

currency area than the Euro Area. More intriguingly, the Euro Area shows striking changes in correlations and responses which … demand shocks to reinforce each other. An implication is that the Euro Area needs vigorous, coordinated regulation of its …

We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence … of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro … currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income …