conversion rates between the Euro and the currencies of EMU" member states. Current EU legislation, notably the Maastricht treaty … bilateral currency conversion factors implied by the 1 January 1999 choices equal closing" market exchange rates on 31 December … Euro. " Unfortunately, most of these have potentially damaging side effects. One approach official Stage 2 offers of …

but also spilled over beyond the euro area. Lower interest rates allowed peripheral countries to run bigger deficits … analyze the geography of international debt flows using multiple data sources and provide evidence that after the euro … euro area …

This paper develops the thesis that credit market frictions may be an important contributor to high unemployment in … market imperfections, so unemployment rises and remains high for an extended period. The data show that there has not been … industries is lower than in the U.S.. This suggests that although credit market imperfections are unlikely to have been the major …

provision of lender of last resort facilities in the euro zone and the framework for supervising financial institutions. The … Growth Pact have been justified by the threat high debts might pose to the stability of the euro zone's financial markets. I …

, which is closer to European than the US is in its labor market and fiscal institutions. Europe's (and to some extent Canada … an alternative strategy based on a relaxed stability pact, further strictures against central EU borrowing, labor market …

This study contrasts the labor market performance of the U.S. and OECD Europe in the 1980s and critically evaluates the … view that the U.S. has generated more jobs because its labor market is more 'flexible'. The study finds that the greater … that the disparate experiences of the U.K., with a relatively decentralized labor market, and Sweden, with a centralized …

to examine the earnings growth of college graduates relative to high school graduates during the 1970s depressed market …