The euro is the second most important global currency after the US dollar. However, its international role has not … increased since its inception in 1999. The private sector prefers using the US dollar rather than the euro because the financial … the attractiveness of the euro outside the euro area requires, among others, a proactive role for the European Central …

Montenegro, which is one of the two countries that have unilaterally adopted the euro as the legal tender. Montenegro's limited … a low degree of synchronization, limited structural similarity, and weak trade integration with the Eurozone. Moreover …

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have … warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone … more in the Eurozone periphery than in the standard counterfactual scenario. These results are not dictated by any specific …

widely expected that the euro will become an important international currency. This paper suggests simple methods how to …. Estimates presented indicate that the euro may indeed lead to a significant decline in the market share of the dollar as an … assumption that the euro will achieve a reputation similar to that of the deutschmark before EMU. The projected shifts can be …

This paper considers how the European Union, and more specifically the euro area, can contribute to international … internal stability in the euro area and has promoted a dynamic development of capital markets. But in some respects, monetary … positions on exchange-rate policy, the international financial architecture, and the euro as an international currency …

introduction of the euro is a step in a gradual process, not a one-time regime change …

inherited from Germany’s mercantilist past and Bundesbank mythology. Steps toward a fiscal union to back the euro are also … warranted. -- Economic and Monetary Union ; euro ; European Central Bank; global imbalances ; global crisis ; intra …

In this paper, we analyze the volume of euro banknotes issued by Germany within the euro area with several seasonal … methods. We draw a distinction between movements within Germany, circulation outside Germany but within the euro area and … demand from non-euroarea countries. Our approach suggests that only about 20% of euro notes issued by Germany are used for …

inherited from Germany's mercantilist past and Bundesbank mythology. Steps toward a fiscal union to back the euro are also …

This paper distils three lessons for bank regulation from the experience of the 2009-12 euro-area financial crisis … fiscal distress, and inquires how the regulation of banks' sovereign exposures in the euro area should be changed to mitigate … new regulatory framework of the euro-area "banking union" can be expected to mitigate excessive forbearance and facilitate …