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recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current … of the EMU.The following Section II (“The Impact of the Three Major Crises During the Period 2007-2021”) develops on how … the (2007-2009) Global Financial Crisis (GFC), the subsequent fiscal crisis in the euro area and the most recent pandemic …
Persistent link: https://www.econbiz.de/10014077291
Austria, Finland and Sweden became members of the EU in 1995. This paper examines how support for the euro and trust in …. Support for the euro in the two euroarea members Austria and Finland has remained high and relatively stable since the … physical introduction of the new currency nearly 20 years ago, while the euro crisis significantly reduced support for the euro …
Persistent link: https://www.econbiz.de/10012269193
This paper examines the evolution of public support for the euro since its introduction as a virtual currency in 1999 … popularity o f the euro. We find that a majority of citizens support the e uro in each individual member country of the e uro a … econometric work demonstrates that unemployment is a key driver of support behind the euro. Given these developments, w e discuss …
Persistent link: https://www.econbiz.de/10012007047
A two-country general equilibrium model with large wage setters and conservative monetary authorities is employed to investigate the welfare implications of three international monetary regimes: i) non-cooperative, ii) cooperative, and iii) monetary union. The analysis shows that the unions'...
Persistent link: https://www.econbiz.de/10013134305
The paper establishes that sovereigns, like banks, need a lender of last resort (LoLR). In the euro area the ECB, with … guaranteed/indemnified by the 17 euro area member states. …
Persistent link: https://www.econbiz.de/10011083551
Central banks around the world have substantial domestic and foreign financial assets and liabilities on their balance sheets reflecting their role as monetary authorities. This paper explores the long-term trends in risk and return in central banking using the central bank of Denmark, Danmarks...
Persistent link: https://www.econbiz.de/10011439749
Persistent link: https://www.econbiz.de/10003825008
Sections (A and B) briefly discuss the definition and the sources of the law of the Economic and Monetary Union (EMU), as well … euro area on the basis of the recent (2017) related ECB Agreement (under 4).(b) In Chapter Two the focus turns to the ECB … established (mainly but not confined to) in the euro area within the Single Supervisory Mechanism (SSM) (under 3.1), while • the …
Persistent link: https://www.econbiz.de/10012921800
Distributed Ledger Technology (DLT) is out to change our future. Its scope is not limited to tokenizing physical objects. In the case of Central Bank Digital Currencies (hereinafter, CBDCs), they can change the way we look at money, one of the earliest inventions of humanity.As soon as digital...
Persistent link: https://www.econbiz.de/10012823347
Recent research recognize that two balance sheet constraints can be of particular concern for an independent central bank: central bank equity cannot turn negative without any political and credibility risk, and central banks should avoid going insolvent if they want to maintain control over...
Persistent link: https://www.econbiz.de/10012889852