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 …