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This paper investigates determinants of convergence in GDP per capita in the euro area and the EU between 1995 and 2021. It finds that the COVID-19 crisis temporarily slowed convergence but the estimated negative impact is significantly smaller than during the global financial crisis. Diverging...
Persistent link: https://www.econbiz.de/10014334683
This paper analyses the adjustment mechanism in the euro area prior to the crisis. Results show that the real exchange rate adjusted to redress cyclical divergences and that after monetary unification, real exchange rate dynamics became less reactive to country-specific shocks but also less...
Persistent link: https://www.econbiz.de/10011307030
The eurozone crisis has revealed certain shortcomings of the EMU, such as its vulnerability to asymmetric shocks and …
Persistent link: https://www.econbiz.de/10011418796
Persistent link: https://www.econbiz.de/10010327999
There are many reasons to reform the Stability and Growth Pact, but that reform is no panacea. This is because the euro area periphery has increasingly entered a debt conundrum.
Persistent link: https://www.econbiz.de/10013468419
Experience after the establishment of EMU shows that the behaviour of private consumers differs considerably among member countries and that average and marginal propensities to consume are fairly heterogeneous. In particular, there are clear differences between Germany and the rest of the euro...
Persistent link: https://www.econbiz.de/10010369099
This paper presents three simple policies for overcoming the crisis that can be implemented immediately and require none of the moves such as national guarantees or fiscal transfers to which many Europeans are opposed, nor moves towards federation that entail Treaty changes, which electorates...
Persistent link: https://www.econbiz.de/10010471462
eurozone has grown quite polarised. In this Forum, several experts use analytical, evidence-based approaches to gauge the …
Persistent link: https://www.econbiz.de/10010471483
Persistent link: https://www.econbiz.de/10010290835
In response to the financial crisis, the ECB has had to adopt new instruments to support the euro area economy and preserve the integrity of the single currency. This has challenged the current framework of the Monetary Dialogue exercise. This paper briefly assesses the implications of enhanced...
Persistent link: https://www.econbiz.de/10011530750