Pre-Accession Transition Countries (PATCs) aim at early admittance to the monetary club. Their fiscal indicators – deficit and debt - do not show any serious symptoms. Closer scrutiny reveals, however, that the interest burden of their public debt might be underestimated, and that...

There is some evidence that interdependencies among European banks have increased over the past 15 years and that the potential of systemic risks in banking has shifted from a national level to a European level. / Whereas wholesale financial markets are considered to be highly integrated within...

We consider a small structural model to describe the transmission mechanism of monetary policy and the dynamics of inflation. We first verify the validity of the general structure estimating it for Germany which represents a sort of benchmark model. At least one of the links required for the...

Am 1. Januar 2002 wurde mit der Einführung des Euro-Bargelds der finale Schritt auf dem Weg zur Europäischen Währungsunion vollzogen. Parallel verhandelte die Kommission bereits seit Jahren mit den mittel- und osteuropäischen Transformationsländern über deren künftigen Beitritt zur...