Within a two-step GARCH framework we explore the linkages between equity returns of ten sectors in the euro area, the United States and Japan, respectively. Our estimation framework allows a distinction to be made between spillover effects originating from one of the three currency areas and...

We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind: has it changed after u0096 and because of u0096 EMU and, if so, is it becoming homogeneous across countries. Given the data limitations, we concentrate on three blocks of...

Four years after the introduction of the euro, this paper provides an overview of the current structure and integration of the euro area financial systems and related policy initiatives. We first compare the euro area financial structure with that of the United States and Japan. Using new and...

The paper proposes a multi-factor international asset pricing model in which the exchange rate is allowed to be co-determined by a risk factor imperfectly correlated to other priced risks in the economy. The significance of this factor can be established as long as one is able to observe a proxy...

The factsheets provide an overview of the state of preparations for the changeover of public administrations to the euro as at September 2001. They update the previous factsheets dating from 1998 and outline the progress made since.

The Commission has published a report on the experience of EMU so far. The report provides a factual overview of events in four important areas. The first part presents an assessment of the macro-economic performance of the euro-area economy during the past two years. It also discusses...

On 6 June an audience of 450 drawn from small firms organisations, banks, trade associations and other communication multipliers attended “Enterprises 2002” to reflect on the practical impact for enterprises of the end of the transition period on 31 December 2001. This conference had been...

This note is a synthesis of the various studies existing on the development of the use of the euro by the customers, the businesses and the public administrations in the Member States participating to the EMU. It also presents the results of a regular survey of the Commission among European...

This review brings together the results of the various studies on the use of the euro in the Member States participating in economic and monetary union and sets out the results of a Commission banking survey into the extent to which the euro is used in preparingaccounts and for payments by bank...

This review brings together the results of the various studies on the use of the euro in the Member States participating in economic and monetary union and sets out the results of a quarterly Commission banking survey into the extent to which the euro is used in the accounts and payments of bank...