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Overall, the ECB managed monetary policy quite satisfactory in the first phase of EMU. Nevertheless, this paper asks whether monetary policy could not have been improved. In the last three years, Euroland was confronted with the first external shock. Oil prices increased considerably, leading to...
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coordinate their fiscal policy with the monetary policy of the ECB the welfare gains are very large for the whole Euro zone …
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possible integration effects: trade effects, Single Market effects, factor movements (FDI, migration) and the costs of …
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