banks, because the Euro will have to be bought by these banks in exchange for assets which have been accumulated in the … bases such as France and the UK and it will be disadvantageous for countries like Germany, the Netherlands and Spain which …

This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data …

We study the mechanisms through which the adoption of the Euro delayed, rather than advanced, economic reforms in the … Euro zone periphery and led to the deterioration of important institutions in these countries. We show that the abandonment … process in Greece, Spain, Ireland, and Portugal and, by way of contrast, in Germany, a country that did experience a reform …

. Based on data from four major euro area countries, the paper estimates the key structural parameters using a simulated … stock returns. Monetary policy has a larger impact on consumption in Italy and Spain compared to France and Germany …

institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … responsibility for the euro's future. Germany's resilience and dominant size within the EU may explain its "muddling …This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new …

At a time of historic challenges to the viability of the Eurozone, we assess the contribution of the EU and the Euro to … between member countries whether or not members have also adopted the Euro. The Euro adoption as well as the anticipation of … the Euro adoption has minimal effects on market integration …

exist in most Eurozone countries. Although the European Central Bank managed the euro in a way that achieved a low rate of …The creation of the euro should now be recognized as an experiment that has led to the sovereign debt crisis in several … monetary union. The emergence of these problems just a dozen years after the start of the euro in 1999 was not an accident or …

This study grounds the establishment of EMU and the euro in the context of the history of international monetary … cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to … for a more expansive monetary policy. Such demands might arise in some parts or regions or countries of the euro area, but …

The paper provides and empirical characterization of fiscal policy in the euro area and in a group of twenty-two OECD … economies over the period from 1970 until 2007. Using the cyclically-adjusted fiscal balance we document that policy in the euro … policies. However, the component of the budget due to automatic stabilizers reacts stronger in the euro-area countries than in …

of American economists about the euro and the European Economic and Monetary Union on the tenth anniversary of the euro … of the euro was political, not economic and that the creation of the euro could lead to increased conflict within Europe …