euro area and for supervising all euro area banks in order to ensure their safety and soundness, some directly and some …

Monetary growth has increased significantly in the euro area in recent years, raising concerns about the risks to price … intermediaries (OFIs). This paper presents analytical work on the role of OFIs in monetary and credit developments in the euro area …. These developments are reflected in the integration and deepening of euro area financial markets, as well as in investors …

first is the global financial crisis in 2008-09, and the second is the euro area sovereign debt crisis in 2010-12. Both … sequence of financial reforms has improved the sector's ability to deal with major macro-financial shocks at the EU/euro area …

-making, and thereby facilitates the maintenance of price stability in the euro area. A fully-fledged committee structure has also … contributed to the smooth integration of non-euro area Member States into the Eurosystem's monetary policy decision-making process. …