In this book leading financial professionals and academics examine the prospects for the European single currency. The impact of the Euro is assessed in terms of risks and opportunities for financial intermediaries, challenges for monetary and supervisory authorities and issues for portfolio...

We examine real business cycle convergence for 41 euro area regions and 48 US states. Results obtained by a panel model with spatial correlation indicate that the relevance of common business cycle factors is rather stable over the past two decades in the euro area and the US. Ongoing business...

Different definitions of sustainability and of the empirical counterparts of the variables involved are reviewed in the paper by Michael Artis and Massimiliano Marcellino. They apply retrospective tests for fiscal sustainability along the lines of the paper by Fernandez and de Cos to EU...