recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current … of the EMU.The following Section II (“The Impact of the Three Major Crises During the Period 2007-2021”) develops on how … crisis have affected the conduct of monetary policy by the European Central Bank (ECB) within the Eurosystem, have led to the …

economically worse than the Euro Area average perform best. -- monetary policy ; ECB ; Bundesbank ; decision rule ; counterfactual … decision rule of the ECB, we rank different rules according to their ability to aggregate the national counterfactual paths to …

for 10 EMU countries and for the ECB. The gains from cooperation are calculated by comparing two equilibria, a Nash and a … as a whole with the targets output gap and inflation. In the case of a "full" cooperation, where the 10 EMU countries … coordinate their fiscal policy with the monetary policy of the ECB the welfare gains are very large for the whole Euro zone …

recent policy record of the Bank of Japan and the ECB suggests that independent central banks have not always managed to …

European Monetary Union (EMU) while others are unique to members of the EMU. It is rather striking that recommended remedies …

working as lender of last resort for the euro area member States; indeed, only when the ECB took this responsibility by …