We analyze the benefits and costs of a non-euro country opting-in to the banking union. The decision to opt-in depends …, non-euro countries participating in the banking union will not be on equal footing with euro area members. Analysis …-capitalized backstops is established it may be optimal for a non-euro country to join the banking union upon the euro adoption. Assessing …

- and medium-sized enterprises in the euro area primarily takes place via bank loans and not through capital markets. Based … banking regulation. The panel estimation includes 706 banks from 15 Euro area member states and is conducted for the period …

The asset purchase program of the Euro area, active between 2015 and 2018, constitutes an interesting special case of … peripheral Euro area governments, which were clearly not riskless. Moreover, these purchases were undertaken by national central …. This might seem incompatible with the observation that risk spreads on peripheral bonds fell when the Euro area's QE was …

reforms have not yet taken hold. The EU-led macroeconomic adjustment programmes outside the euro area (e.g. Latvia) seem to …