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 …

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 …