The euro area suffers from excessive public debt, which is the primary cause of the so-called fragmentation. It should be remedied by fiscal consolidation instead of the quasi-fiscal activities of the European Central Bank, which are inconsistent with its legal status, compromise its...

Louvrage se propose danalyser le système institutionnel gérant la monnaie unique de lUnion, leuro. Létude de la BCE et de lEurosystème montre comment les rapports de pouvoirs au sein de lUnion et entre lUnion et les États membres se recompose

We employ two-stage empirical strategy to analyze the impact of macroeconomic news and central bank communication on the exchange rates of three Central and Eastern European (CEE) currencies against the euro. First we estimate the nominal equilibrium exchange rate based on a monetary model....