The first decade of economic and monetary union in Europe (EMU) has been a huge success. EMU has significantly benefited its member countries and accelerated the European integration process. Imbalances within EMU — differences in growth, inflation, competitiveness, current account and budget...

Российскую версию этой статьи можно найти в: http://ssrn.com/abstract=3941743 The EFSD Chief Economist Group continues the series of working papers on global financial safety net (GFSN) functioning. This working paper provides the analysis how the GFSN...

In the present paper fundamental changes in monetary policy strategy, especially in leading industrialized countries, from concentrating on development of the quantity of money to focusing strictly on developments of interest rates and interest rate levels is analysed in the case of the European...

The main objective of this study is to analyse the evolution of banking efficiency in the Baltic countries after their accession to the EU and during the financial crisis, and to check whether there are significant differences between these countries as a consequence of their particular...

The study aims to investigate the impact of credit growth on the Maastricht criteria targeting process in the new member states of the European Union. The methodological framework is based on a two-compenent transmission mechanism represented by the output gap and the nonperforming loans. The...

Despite verbal assurarces that Europe was committed to separating Ireland's banking and sovereign debt, Ireland is now very much isolated in its stance to get bank recapitalisation via the ESM retrospectively. The debate over whether Ireland was forced to bail in the senior bondholders is...

When the first phase of the crisis focused primarily on the interbank market volatility, the second phase spread on the instability of public finance. Although the overall stance of public finances of the new members is better than the old member countries, the differences within the new group...

This study deals with the question whether the central banks of Sweden, Denmark and the UK can really influence short-term money markets and thus, would lose this influence in case of Euro adoption. We use a GARCH-M-GED model with daily money market rates. The model reveals the co-movement...