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 …

We present new evidence on the structure of euro area securities markets using a multilayer network approach. Layers …

This paper presents an approach to a macroprudential stress test for the euro area banking system, comprising the 91 … largest euro area credit institutions across 19 countries. The approach involves modelling banks'reactions to changing … results highlight the importance of the starting level of bank capital, bank asset quality, and banks' adjustments for the …

of largely only recently developed methods we provide an assessment of indicators of financial stability within the Euro … institutional roof - banks or non-bank (shadow) banks - under which they are conducted. Our results reveal a declining role of banks … (and a commensurate increase in non-bank banking). These structural shifts (between institutions) are coincident with …