The euro became an international currency when it was created two decades ago. However, the euro's internationalisation … peaked as early as 2005 and it was never comparable to the US dollar. Its international status declined with the euro crisis …, Europe is reflecting on how to promote actively the internationalisation of the euro, to help ensure its autonomy. But …

In this paper we examine why monetary aggregates of euro area Member States have developed differently since the … inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution …

The eurozone remains in a deep, largely macro-economic crisis. A robust global economy and falling oil prices have … supported Europeś economy for some time, but by now it is clear that the eurozone will only be able to pull itself out of this …

The construction of the euro area left aside the question of a fiscal union, but the crisis re-opened the debate. Of … last provides a clear justification for fiscal policy at euro-area level. Unsustainable fiscal policies in one member state … could destabilise the entire euro area, and national policies could also have direct and indirect demand effects with an …

The general macroeconomic situation and weak inflation dynamics justified quantitative easing (QE) in the euro area …

aid to domestic industries, competition policy, investment screening, export controls, the international role of the euro …

. Illustrative stress tests using banks' balance sheet data reveal that significant stress prevails in the euro area's smaller and …

risks to euro-area financial stability. However, some issues deserve more attention. First, the assessment of risks in the … euro area has fallen dramatically, driven by deteriorating sovereign credit ratings and reduced supplies of bonds from the …