response would provide critical support to the orderly unwinding of the remaining external stock imbalances in the euro area …Over recent years, several euro area countries have registered large and persistent net foreign liabilities. This paper … examines the risks arising from these external stock imbalances, the prospects for their smooth unwinding and the menu of …

We explain how the external counterpart of the euro area M3 can be analysed by using the euro area balance of payments … the monetary signal stemming from external flows. Over the past five years, the increase in the euro area's external … competitiveness has given rise to a sustained current account surplus that has consistently supported monetary inflows into the euro …

. We find that while financial market stress and economic imbalances were the drivers of TARGET balances during the great … financial and sovereign debt crises, the implementation of Eurosystem asset purchases was the driving force since March 2015. As …

We explain how the external counterpart of the euro area M3 can be analysed by using the euro area balance of payments … the monetary signal stemming from external flows.Over the past five years, the increase in the euro area's external … competitiveness has given rise to a sustained current account surplus that has consistently supported monetary inflows into the euro …