be designed by the elected government. Fundamental reforms will take time to take full effect and euro area member states …, dass eine zielführende Reformagenda nur von der gewählten Regierung Griechenlands formuliert werden kann. Die Euro …

, dass eine zielführende Reformagenda nur von der gewählten Regierung Griechenlands formuliert werden kann. Die Euro … be designed by the elected government. Fundamental reforms will take time to take full effect and euro area member states …

The paper provides an analysis of the euro area money and bond markets and their infrastructure since the introduction … of the euro. Significant development in terms of integration took place in both markets in general to a various degree … but apply more generally to euro securities infrastructure, identifies fields where further action is required. This …

) indicators of the euro. This framework yields two sets of indicators - (i) one nominal and several real EER indices against a … narrow reference group of euro area trading partners based on different price and cost deflators; and (ii) a nominal and a … industrial and newly industrialised euro area partner countries, while the broad group is made up of 38 trading partners …

This paper reviews the economic, monetary and financial relations between the EU and the euro area and a set of …, some common features can also be identified. One of these common features is the fact that the euro area is their largest … assistance; meanwhile, from a euro area perspective, while these countries account for a somewhat smaller share of external trade …

This paper analyses the main features of the market for euro-denominated bonds issued by non-euro area residents on the … the internationalisation of the euro since 1999, more than sovereigns in transition and emerging economies, whose part was … initially expected to be stronger. It confirms that the euro’s international role is characterised by a strong regional focus …

last two waves of EU enlargement have had on Russia, as well as the role of the euro in Russia. The analysis suggests that … euro by Russian residents and authorities in international transactions has increased, albeit at an uneven pace. While, in … general, the US dollar remains the major foreign currency used by Russian residents, the euro has gained importance as an …

between exchange rates and prices, showing that there is at most a moderate decline in exchange rate pass-through for the euro … of euro area exports to exchange rate changes may have declined somewhat as a result of globalisation, reflecting mainly … exchange rates on GDP and the potential role of valuation effects as a transmission channel in the case of the euro area. …

Jean Pisani-Ferry and André Sapir believe that the euro has proved attractive as a fair-weather currency for countries … succeed as a stormy-weather currency. The authors already detect, howevever, that the crisis shows the euro-area governance …