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 …

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 …

We analyze the role of labor mobility in cushioning labor demand shocks in the Euro Area. We find that foreign born … the regional level. Additionally, we compare Euro Area mobility to that of another currency union, the US. We find that … the population to employment elasticity estimated for foreign-born persons is similar in the Euro Area and the US, while …

across European countries. We also document the labor market flows through which such a positive reallocation took place …

The European Union and the United States operate different variants of market capitalism. The EU model uses social … dialogue institutions to help determine economic outcomes, particularly in the labor market, whereas the US relies more on … market forces. The theory of competitive markets provides a powerful framework for analyzing market driven economies and for …

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 …