The possibility that the euro area might break up was being raised even before the single currency existed. These … scenarios were then lent new life five or six years on, when appreciation of the euro and problems of slow growth in various … unlikely, I argue here, that one or more members of the euro area will leave in the next ten years; total disintegration of the …

propose a comprehensive description of how monetary policy affects the euro area economy. We focus mainly on three questions … countries? (2) can the classic' interest rate channel (IRC) alone, without capital market imperfections, explain these facts? (3 …) if not, is the bank lending channel a likely candidate to complete the story? We find plausible euro-area wide monetary …

nineties and the puzzling decline of the euro during its virtual existence to changes in the demand for deutschmarks in eastern … the dollar and the weakness of the euro reflect the prosperity of the US and the weakness of the European economy on both …

Using newly assembled data on foreign exchange market intervention, we construct a daily index of exchange market …

We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The … output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts …

a free market zone with common external trade policy. We conjecture that the resulting allocation may be partly …

As a result of the Balassa effect relative prices change rapidly between and within the euro countries. Thus it is … no country face a deflation. This minimum aggeragate inflation rate is 0.94% in the euro-11 countries and 1.13% in an …

This paper reconsiders the 1992-3 crisis in the European Monetary System in light of its emerging market successors … market crisis as much as they do the moderate effects of the typical industrial-country event of its kind to take place in an …

banks, because the Euro will have to be bought by these banks in exchange for assets which have been accumulated in the …