This paper provides evidence on whether the creation of the euro has changed the way global turbulences affect euro … area and other economies. Specifically, it considers the impact of global shocks on the competitiveness of individual euro … over 60 countries.real effective exchange rates, including those of the individual euro area economies, and compares …

estimate a Markov switching VAR for the euro area and the US, including additionally GDP, CPI and a short-term interest rate …. We find evidence for two distinct states in both regions. For the euro area, we find a regime which is correlated to the …

; Part 1 Macroeconometric evidence on the transmission mechanism in the euro area; Part 2 Firms' investment and monetary …; Part 4 Monetary policy in the euro area: summary and discussion of the main findings; Appendix; References; Figures; Tables … national economies of the Euro-zone. Analysing macro and micro-economic evidence, with chapters by central bank economists …