have had even worse results for Germany. Fragility and divergence undermine the euro’s long-term survival. …

guilder-mark target zone in the pre-EMU period as a case study, we empirically estimate how much policy discretion the Dutch …

This note looks ata the correlation of short-term business cycles in the euro area and the Eu accession countries. This … between acces-sion countries. For Hungary and Slovenia, euro area shocks can explain a large share of variation in industrial … monetary union could entail reasonable large costs, unless their business cycles converge closer to the euro area cycle …

the EMU macroeconomic policies lie in their potential to achieve full employment and low inflation in the euro area. We … conclude that the institutional and policy arrangements surrounding the EMU and the euro are neither adequate for dealing with … decipher the type of economic analysis and macroeconomic policies of the Economic and Monetary Union (EMU) theoretical and …

changeover in 1999 to EMU and its implications for Austria's economic policy strategy are evaluated. With regard to the critique … that the ECB had no other choice given the credibility gap at the start of EMU and the economic circumstances of the time …, including the marked swings in the dollar value of the euro. There is, however, lack of transparency with regard to the monetary …