pragmatic question in this context is: Did delegating monetary policy to the ECB increase stress in the individual euro area … countries? An SVAR analysis reveals that monetary stress has declined more in the euro area than in the euro areas’ doppelganger … euro becoming a dominant currency. …

Twenty years after the introduction of the euro, this Weekly Report uses an empirical analysis to assess the … Bank (ECB) cannot outperform its national predecessors, as the euro area countries experience different business cycles yet … unable to counter long-term macroeconomic imbalances. To protect euro area countries from crises more effectively, priority …

of the monetary union, have on the rest of the world. Disentangling euro area stress shocks and global risk aversion …) model with financial variables. We find that the effects of euro area stress shocks are significant not only for the euro … area but also for the rest of the world. Notably, an increase in euro area stress entails a slowdown of economic activity …