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. …

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

Im Zuge der Aufwertung des Euro gegenüber wichtigen Handelswährungen, insbesondere dem US-Dollar, ist die Europäische … Zentralbank vielfach aufgefordert worden zu intervenieren, um dem Aufstieg des Euro Einhalt zu gebieten und so den befürchteten … des Geldes. Denn: "In einer Marktwirtschaft ist es die Aufgabe der Unternehmen, nicht die der Geldpolitik, sich an ständig …

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 …

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 …

The asset purchase programme of the euro area, active between 2015 and 2018, constitutes an interesting special case of … Quantitative Easing (QE) because the ECB’s Public Sector Purchase Programme (PSPP) involved the purchase of peripheral euro area … incompatible with the observation that risk spreads on peripheral bonds fell when QE in the euro area was announced. However, the …

The asset purchase program of the Euro area, active between 2015 and 2018, constitutes an interesting special case of … peripheral Euro area governments, which were clearly not riskless. Moreover, these purchases were undertaken by national central …. This might seem incompatible with the observation that risk spreads on peripheral bonds fell when the Euro area's QE was …