To our knowledge, this paper is the first to discuss the response of European energy commodity prices to unexpected monetary policy surprises from the European Central Bank. Using the Rigobon (2003) identification through heteroscedasticity method, we find a significant and positive response...

Within the discussion on European governance and constitutional reforms of the EU polity the so-called "open method of coordination" (OMC) has gained much attention as a procedure that occupies an intermediary place between intergovernmental cooperation and supranational legislation. In this...