Jean Pisani-Ferry and André Sapir believe that the euro has proved attractive as a fair-weather currency for countries … succeed as a stormy-weather currency. The authors already detect, howevever, that the crisis shows the euro-area governance …

states of the European Union that has far-reaching implications for the long-run value of the euro, and therefore, on the …

eminently. The euro has proven credible both in the countries that officially adopted it and in the countries that adopted it … facilitate the accession of willing EU members to the euro by relaxing the ERM II conditions. …

, die Kreditvergabe erholt sich etwas und der Euro hat abgewertet. Allerdings ist die Inflation weiterhin deutlich zu …The ECB's expansionary monetary policy has positive effects on the euro area economy. Interest rates have declined … further, bank lending is improving, and the euro is weaker. However, inflation remains much too low and aggregate demand too …

smaller euro area countries towards the end-1990s, it is too early to detect any potential impact of EMU. 3) Despite some … changes in sectoral composition, the business cycles of euro area countries became more synchronised over the 1990s, which may … much as 50% of the increase in labour productivity growth in business sector services in the euro area. 5) The slowdown of …