a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both for … identification of changes in the role of the euro during 1999 compared to the aggregate of euro predecessor currencies, net of intra … -euro area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of …

of the euro area. For this purpose, we differentiate between the departure of weak and strong countries, and examine the …

The euro area will not have a centralised budget and smoothing of country-specific asymmetric shocks via private …

Should we blame the euro for widening of current account deficits in the EMU? In this paper, we employ time … of the euro. Our aim is to assess to what extent the increased current account deficits could be attributed to the single … currency and to the role of other variables, especially fiscal policy and developments of financial sector. We show that euro …

is described using a stochastic regime-switching model; second, the euro area governments’ responses to uncertain … macroeconomic policies in Greece are considered. The model's mechanism and assumptions allow either for a Grexit from the euro area … understand key drivers of the long-winded negotiations between the Syiza government and the euro area governments. …

The consensus back in 2008 – ten years after the introduction of the euro – was that the adoption of a common currency … had made a limited impact of around 2% in total on the trade flows of the first wave of euro area countries (Baldwin et al …., 2008). Since then, six more countries have joined the euro area, and firms have internationalised their production …