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 …

size of euro capital markets and the existing roles of European currencies in international capital markets. This paper … also examines the euro's impact on securities markets, including the role of the ECB, the evolution of the EMU securities …

size of euro capital markets and the existing roles of European currencies in international capital markets. The paper also … examines the euro’s impact on international securities markets, including the role of the ECB, the evolution of EMU securities …, as are the broader implications of the introduction of the euro for changes in international capital flows, international …

for the eurozone. The triple euro area crisis showed the costly consequences of ignoring the "safety trilemma". Keeping a … capital mobility and maintaining economic and financial stability in a monetary union. The euro area needs a single safe … countries must therefore act as the joint sovereign behind the euro and choose from two options. First, they could establish a …