The recent outset of European Monetary Integration with the introduction of a unique currency and a full centralization of monetary policy together with the increasing integration of global capital markets, stimulated a large body of research on monetary policy rules. Since Lucas' critique, the...

This report reflects on recent trends in fiscal and monetary policies at the onset of EU-enlargement. Particularly, the authors focus on necessary adjustment processes for future EU-members. How to smooth best the transition period between "normal" EU-accession and eventual participation in the...

We study the frictions in the patterns of trades in the Euro money market. We characterize the structure of lending relations during the period of recent financial turmoil. We use network-topology method on data from overnight transactions in the Electronic Market for Interbank Deposits (e-Mid)...