side or a state behind it, just as the euro, Europe's common currency that the ECB is tasked with guarding, is a … 'denationalised' currency. The euro area is a rare exception to the global 'one state, one currency' rule. But the ECB is not the only … central bank in the euro area. Rather, the ECB is designed as the headquarters (or perhaps 'cockpit') of the Eurosystem, the …

policies. Starting from the view that the crises in the euro zone were basically triggered by financial markets and reinforced … reform the Eurozone. We propose a focus on general principles for fiscal governance reform aiming at a better economic …

We examine whether the introduction of the euro had a significantly positive impact on the synchronization of business … policy shocks in the euro area. Empirical evidence on this relationship is rare so far and su ers from methodical weaknesses … constructed on a year-by-year basis (1993-2011), we uncover a strong and robust empirical finding: the adoption of the euro has …

, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else … divergence and political and social discord across member-states. Given the scale and scope of the eurozone crisis, policy and …

Central bank credit has expanded dramatically since the beginning of 2007 in some of the euro area member countries … present empirical evidence that is consistent with the view that national central banks in the euro area have indeed followed …