than the euro area "peripherals" (Greece, Portugal and Ireland). Moreover, synchrony differed across countries. Some … have posted higher average growth and wider output fluctuations than the euro area and other EU countries. Second, a set of … different methodologies suggests that business cycles of accession countries have been less synchronised with the euro area than …

United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the … interest rates in the United States and the euro area. First, the paper finds that the interdependence of money markets has … increased strongly around EMU. Although spillover effects from the United States to the euro area remain stronger than in the …

-time data. We find that such economic news in the United States, Germany and the euro area have indeed been a driving force … behind daily US dollar – euro/DEM exchange rate developments in the period 1993-2003. The larger importance of US … macroeconomic news is at least partly explained by their earlier release time compared to corresponding German and euro area news …

We build a stylised 12-country model of the euro area and use it to analyse why differences in national inflation and …