the Euro-zone. Moreover, the EMU creates conditions for economic and monetary stability all over Europe which allows for ….SUMMARYBy establishing the Economic and Monetary Union (EMU) and the European Central Bank the EU made an important step towards finalization …

after the introduction of the euro for the EMU countries asopposed to the non-EMU countries. I do not obtain strong evidence … supporting PPP forthe EMU countries since the euro adoption, but the faster mean reversion I observe inthe few EMU countries …) countriesthat adopted the euro, and 3 non-EMU countries] from 1993 to 2002 using a dynamicpanel data model. My main contributions to …

This paper explores the conflict of real and monetary convergence during the EMU run-up of the future Central and … within the projected time frame. Despite the merits of nominal appreciation, countries committed to hard euro pegs might …

Traditionally clustered around one leading "hegemonic" world currency, with the introduction of the euro the … in the international consequences of the introduction of the Euro and analyzes the costs and gains from cooperation in … give an overview of the legal issues surrounding the representation of the EMU in the international monetary institutions …

of EMU). Second it reviews how ERM2 is conducive to future euro-zone membership of the accession countries. From the …The paper discusses the framework of ERM2 (the exchange rate mechanism of EMU, the Economic and Monetary Union) and its … "outs" to fulfill the convergence criteria, and whether in this case "ins" open the door for the "outs" to enter the euro …

("soft-currency" countries). If the EMU will start with a large group there will be a tendency to devalue the Euro against …Recent economic forecasts increase the probability that firstly, the EMU can start as planned on January 1, 1999 and … large "non-optimal" EMU are as expected. On the one hand, there are positive income effects for all countries ?? although …

-switching GARCH model this paper estimates the volatility processes of four EMU exchange rate returns vis-à-vis the German mark using … daily data for the time prior to Stage III of EMU. Statistical inference yields the dates at which financial markets began … to incorporate the expected EMU participation of each country into currency pricing. The data exhibits strong econometric …

We demonstrate that bond yield compression is under way in the countries converging to the euro and that German yields … conclude that these new Member States of the European Union are ready to adopt the euro without risking a disruptive shock to …