This paper provides a first preliminary assessment of the recent two 3-year long-term refinancing operations (3Y LTROs … interbank and the capital market in the euro area. We then investigate potential side-effects of the LTROs such as the effects … banks in the euro area on ECB funding. …

bond markets in the euro area over the period January 1999 to July 2016. Second, we estimate the impact of ECB policy …

of the euro area. For this purpose, we differentiate between the departure of weak and strong countries, and examine the …

and empirical perspectives on the euro crisis from a macroeconomic viewpoint. The contributions have been selected after … the Macroeconomics Workshop: “The euro crisis: Where do we stand?” organized by the University of Strasbourg, the Bureau …

We analyze the benefits and costs of a non-euro country opting-in to the banking union. The decision to opt-in depends …, non-euro countries participating in the banking union will not be on equal footing with euro area members. Analysis …-capitalized backstops is established it may be optimal for a non-euro country to join the banking union upon the euro adoption. Assessing …