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recent major crises, of the legal framework governing the European Economic and Monetary Union (EMU), as well as current … of the EMU.The following Section II (“The Impact of the Three Major Crises During the Period 2007-2021”) develops on how … the (2007-2009) Global Financial Crisis (GFC), the subsequent fiscal crisis in the euro area and the most recent pandemic …
Persistent link: https://www.econbiz.de/10014077291
Austria, Finland and Sweden became members of the EU in 1995. This paper examines how support for the euro and trust in …. Support for the euro in the two euroarea members Austria and Finland has remained high and relatively stable since the … physical introduction of the new currency nearly 20 years ago, while the euro crisis significantly reduced support for the euro …
Persistent link: https://www.econbiz.de/10012269193
This paper examines the evolution of public support for the euro since its introduction as a virtual currency in 1999 … popularity o f the euro. We find that a majority of citizens support the e uro in each individual member country of the e uro a … econometric work demonstrates that unemployment is a key driver of support behind the euro. Given these developments, w e discuss …
Persistent link: https://www.econbiz.de/10012007047
A two-country general equilibrium model with large wage setters and conservative monetary authorities is employed to investigate the welfare implications of three international monetary regimes: i) non-cooperative, ii) cooperative, and iii) monetary union. The analysis shows that the unions'...
Persistent link: https://www.econbiz.de/10013134305
It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments. We formalise this notion by incorporating labour market rigidities into an “escape clause” model of currency crises. We show that the absence of structural...
Persistent link: https://www.econbiz.de/10009639466
The notable increase in international reserve holdings over the past decade and their use during the global financial crisis of 2008/2009 has sparked renewed interest in the analysis of the optimal level of reserve holdings, in particular in countries which are subject to sudden stops. Less...
Persistent link: https://www.econbiz.de/10009640347
-making, and thereby facilitates the maintenance of price stability in the euro area. A fully-fledged committee structure has also … contributed to the smooth integration of non-euro area Member States into the Eurosystem’s monetary policy decision-making process. …
Persistent link: https://www.econbiz.de/10011606231
(EMU) emerged from the European Monetary System (EMS). I then outline today’s relatively broad consensus on monetary policy …
Persistent link: https://www.econbiz.de/10011506706
Central banks around the world have substantial domestic and foreign financial assets and liabilities on their balance sheets reflecting their role as monetary authorities. This paper explores the long-term trends in risk and return in central banking using the central bank of Denmark, Danmarks...
Persistent link: https://www.econbiz.de/10011439749
Persistent link: https://www.econbiz.de/10003825008