entry to the euro. We derive conditional probability distributions for the difference between the future realisations of …, Pesaran and Smith (2005). The paper briefly describes the GVAR which has been estimated for 25 countries and the euro area … euro area as a result of entry. It examines the sensitivity of these results to a variety of assumptions about UK entry. …

exchange rate stability constraints imposed by the obligatory participation in the ERM2 on the path to the euro. The modified … policy framework is based on targeting the differential between the domestic and the implicit euro area inflation forecasts …

within the projected time frame. Despite the merits of nominal appreciation, countries committed to hard euro pegs might …

In this article, we explore the demand for the euro for risk management purposes, and the evidence of stock market … integration in the euro area. We define a reserve currency as one that investors demand either because it helps them hedge real … its return is negatively correlated with the returns on those assets. This article re-examines the role of the euro as a …