pragmatic question in this context is: Did delegating monetary policy to the ECB increase stress in the individual euro area … countries? An SVAR analysis reveals that monetary stress has declined more in the euro area than in the euro areas’ doppelganger … euro becoming a dominant currency. …

effective lower bound (ELB), and negative interest rate policies (NIRPs), specifically in the case of the digital euro (DE …, we explore whether CBDCs can change the ELB and affect consumer preferences in favor of the digital euro over physical …

that the ECB may well stand out positively when compared to other important euro-area or national authorities involved in … managing the euro crisis, but that in general the bank did "too little, too late" to prevent the euro area from slipping into … excessively optimistic, and that proposals featuring the central bank as the euro’s savior through even more radical employment of …

institutional deficiencies share responsibility for the euro's failure, the bank has generally done "too little, too late" with … regard to managing the euro crisis, preventing protracted stagnation, and containing deflation threats. The bank remains … attached to the euro area’s official competitive wage-repression strategy, which is in conflict with the ECB's price stability …

law of the European Union would support a eurozone exit. The Treaty of Maastricht imposed the strict obligation on the … of the EU, as in the case of the UK and Denmark. The newly admitted Member States are obliged to introduce the euro as … exclusive competence for the monetary policy of the Member States whose currency is the euro on the EU, Article 3(1)(c) TFEU and …

The European Central Bank (ECB) took many measures to combat the eurozone's rolling financial crisis. For providing … desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we … October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in …

This paper models the month-over-month change in euro-denominated (EUR) long-term interest rate swap yields. It shows …