to resolve it. While Germany generally prevailed in hammering out the design of the euro policy regime, the German … misunderstanding has made Germany the main culprit in the euro crisis, but it has yet to face the full consequences of its actions …. Germany had sought every protection against the much-dreaded euro “transfer union,” but its own conduct has made that very …

) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 …

use of cash for transactional purpose. Bearing in mind that those various approaches do not always separate the hoarding …Despite the well-known difficulties to measure national euro circulations within the euro area, several methods have … been used to estimate the national demand for euro banknotes in France, such as key-based calculations (ECB capital …

recent years, the dynamics of M3 in the euro area have been driven by two factors: a strong preference for liquidity …. Equity market developments therefore appear to be a significant explanatory factor for the dynamics of M3 in the euro area … with European stock price developments, point to moderate but persistent excess liquidity in the euro area …

France and Germany separately. Second, the predictive power of the core-ERM aggregate relative to French and German inflation …

remains in the straitjacket of the rules-bound transfer union that is the current Eurozone. High outstanding sovereign debt …