not yet adopted the Euro. The results show a significant and robust negative effect of fiscal indiscipline and …-industry trade as well as of the interactions between fiscal measures and non-Euro area membership. The study provides arguments for … fiscal policy harmonisation and fiscal discipline of the Euro area member as well as acceding countries, as undisciplined and …

analytical results. We then use a rich DSGE model, calibrated to the Core and the Periphery of the euro area, to quantitatively …

We review the literature on business cycle correlation between the euro area and the Central and Eastern European … identified publications suggests some CEECs already have comparably high correlation with the euro area business cycle. We find …

(OCA) criteria. Using the DF-GLS and the CIPS* panel unit root test, RIP is tested for a sample of Euro area and non-Euro … most of the sample between 1979 M3 and 1998 M12. There is evidence in favour of RIP for most of the Euro area sample during … the 1999 M1 – 2005 M12 sub-period, exceptions being Ireland, Italy and Spain. RIP does not hold for any of the non-Euro …