All explorations of the future of the Euro show serious risks for its survival in the present form. The road map of the Five EU Presidents presented in 2015 is far from sufficient to reduce the risks of the Euro zone falling apart by Brexit type developments or new economic shocks. The EU...

According to difference-in-difference estimates business cycle synchronisation and similarity in sector structures between acceding and pre-existing regions reduced after Eastern Enlargement. Results for Northern enlargement are more ambiguous. In both enlargements, however, region pairs...

This report explores some features of the social dimension of enlargement regarding the Southern EU-Member countries, namely Portugal, Spain and Italy. Economic theory suggests that integration may affect wages, employment and income distribution through changes on trade, FDI and migration...

This paper aims at the provision of applicable recommendations for institutions and actors involved regarding the EMU accession process both in CEE and in the euro-zone. In order to provide topical advice, the first part, on markets, will concentrate on theory and empirics of labour markets,...

This paper analyses the issues raised by EMU for the relationships between the euro area and the international financial system. The depreciation of the euro exchange rate since the beginning of EMU has attracted most attention. The paper argues that none of the conventional explanations is...

Using several new datasets, I document the role of legal risk premia in bond yields during the Euro-crisis. I find evidence of a rising premium especially in late 2011 and mid-2012 on bonds with foreign governing law relative to those with local governing law (and otherwise similar...

Are the grand theories of integration still relevant today and capable of describing integration in the European Union? Have the general principles of the grand theories lost their ability to accurately describe European integration? For policy makers and scholars that rely on theories, the...

The object of the study is the causality analysis of credit and liquidity risk on Treasury bond market in selected European countries, during the crisis of Greece's public finances from 2010 to 2013. The specific aim of the study is to determine: do we have to deal with so-called contagion...

In this paper we use sovereign quanto-CDS spreads as proxy for redenomination-risk in the Eurozone, i.e., the risk of a sovereign default obtained by the redenomination of debt in a different currency. Quanto-CDS spreads are the difference between the CDS quotes in U.S. dollars and euros. We...

In this paper we provide evidence that the effects of the different waves of asset purchase programmes implemented by the ECB from 2009 onwards have spilled over into asset price volatility developments of a group of six Central and Eastern European economies belonging to the EU but not to the...