This paper discusses the implications of the European Central Bank's monetary policy strategy for the Eurosystem's operational framework, in the context of the transmission mechanism of monetary policy in the euro area. The first part of the paper uses an analytical framework common to many...

This paper provides the first empirical examination of the major currencies' roles in international capital markets after the introduction of the euro. Time series of new measures for both international financing currency use and international investment currency use are presented. The data...