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 …

inferred from financial data regarding future policies of the European Central Bank …

the introduction of the common currency in the euro area, there is little evidence that a similar integration process is … taking place for retail banking. Data on cross-border retail bank flows, cross-border bank mergers and the law of one price … reveal no evidence of integration in retail banking. This paper shows that the previous tests of bank integration are weak in …

The creation of the euro and the European Central Bank is a remarkable and unprecedented event in economic and … political history: creating a supranational central bank and leaving eleven countries without national currencies of their own … some advocate the euro despite its economic problems because of its assumed favorable effects on European political …

. The main issue we focus on is how the euro may alter the responsiveness of consumer prices to exchange rate changes. Our … central conjectures is that the acceptance of the euro will lead European prices to become more insulated from exchange …

conversion rates between the Euro and the currencies of EMU" member states. Current EU legislation, notably the Maastricht treaty … Euro. " Unfortunately, most of these have potentially damaging side effects. One approach official Stage 2 offers of … contingent Euro forward contracts with value dates at the start of" Stage 3, allows a highly credible preannouncement of the …

At a time of historic challenges to the viability of the Eurozone, we assess the contribution of the EU and the Euro to … between member countries whether or not members have also adopted the Euro. The Euro adoption as well as the anticipation of … the Euro adoption has minimal effects on market integration …

The paper provides and empirical characterization of fiscal policy in the euro area and in a group of twenty-two OECD … economies over the period from 1970 until 2007. Using the cyclically-adjusted fiscal balance we document that policy in the euro … policies. However, the component of the budget due to automatic stabilizers reacts stronger in the euro-area countries than in …

of American economists about the euro and the European Economic and Monetary Union on the tenth anniversary of the euro … of the euro was political, not economic and that the creation of the euro could lead to increased conflict within Europe …

This paper investigates whether or not the adoption of the Euro has facilitated the introduction of structural reforms … theoretical arguments that may link the adoption of the Euro and structural reforms, we investigate the empirical evidence. We … find that the adoption of the Euro has been associated with an acceleration of the pace of structural reforms in the …