This paper estimates the factors underlying the volatility of the euro overnight interest rate and its transmission along the euro area money market yield curve. A new multivariate unobserved components model is proposed allowing for both long-memory and stationary cyclical dynamics. Using...

Four years after the introduction of the euro, this paper provides an overview of the current structure and integration of the euro area financial systems and related policy initiatives. We first compare the euro area financial structure with that of the United States and Japan. Using new and...

The classical Bagehotu0092s conception of a Lender of Last Resort (LOLR) that lends to illiquid banks has been criticized on two grounds: on the one hand, the distinction between insolvency and illiquidity is not clear cut; on the other a fully collateralized repo market allows Central Banks to...

Youth employment is a key priority of the European Economic and Social Committee and its Labour Market Observatory. The Observatory is carrying out a study on the implementation of EU policies for youth employment in a selection of six Member States: Austria, Croatia, Finland, Greece, Italy and...

Youth employment is a key priority of the European Economic and Social Committee and its Labour Market Observatory. The Observatory is carrying out a study on the implementation of EU policies for youth employment in a selection of six Member States: Austria, Croatia, Finland, Greece, Italy and...