French taxpayer. In the aftermath of the devaluation of the Franc CFA in 1994, and of the peg of the currency to the Euro in …-Zone never fulfilled the most crucial preconditions of an optimal currency area. The peg to the EMU, orientated at the interests …

Integration into the European Monetary Union (EMU) and adoption of Euro became a specific objective for Eastern … proposed set of indicators and it is estimated Balassa-Samuelson Effect on non-Euro countries. …

gradually in the course of the last 15 years in EMU countries, as well as the UK, the US and the German Lander. The euro, as …Study on sovereign bond market integration and the role of the euro, trading platforms and globalisation. We … disentangle different driving factors of sovereign bond market integration by studying yield co-movements of EMU countries, the UK …

group of countries reports tight pegs to the euro, a second group seems to have moved toward (more) exchange rate … classifications. Most of the CEE countries peg their currencies to the euro, thereby contributing to a growing euro zone. Nevertheless …, as exchange rate stabilization against the euro is pursued with different degrees and with different long-term drifts …

The increased heterogeneity of the European market after the prospective joining of the acceding countries to EMU could … will decrease, implying a more difficult stabilisation task for the governance authorities of EMU. Yet all this does not … necessarily imply a possible disruption of EMU. In the paper two exercises are presented for assessing the impact of enlargement …

The paper examines the implications of EMU for world macroeconomic and financial stability, distinguishing EMU effects … from other global factors at work. It concludes that EMU is having on the whole stabilising effects on the world economy …

We disentangle different driving factors of sovereign bond market integration by studying yield co-movements of EMU … increased gradually in the course of the last 15 years in EMU countries, as well as the UK, the US and the German Länder. The … euro, as well as increasing international capital flows, appear to drive low frequency integration. In contrast, yield …