Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms … remain unknown. We investigate the underlying channels of the euro's effect on financial integration using data on bilateral … euro's impact on financial integration is primarily driven by eliminating the currency risk. Legislative …

Beside large capital flows, euro area financial centres feature important and growing trade surpluses. We investigate … twice as large as in other euro area economies. MNEs allocate the value created globally to financial centres. They do so … a bearing also on the external position of the euro area. Their participation in production chains also appears oddly …

In this paper we investigate the impact of the euro integration process on the drivers of FDI inflows. We show … bilateral gravity models of FDI inflows into euro area countries, we show that the euro facilitates intra-euro area vertical FDI … countries located outside the monetary union increase. Such flows are however not more likely be directed towards euro area …

and the terms of trade, on the euro area real economy. In particular, the paper estimates the quantitative impact that … HICP, we found that the exchange rate pass-through for the euro area is not very high. This result is broadly in line with …