We examine developments in national contributions to euro area M3 for a sample of nine euro area countries during 1999 …-2005. We investigate the co-movements of national contributions with euro area M3 and discuss possible reasons for divergencies …

We explain how the external counterpart of the euro area M3 can be analysed by using the euro area balance of payments … the monetary signal stemming from external flows. Over the past five years, the increase in the euro area's external … competitiveness has given rise to a sustained current account surplus that has consistently supported monetary inflows into the euro …

Schumpeter to be rediscovered? / Peter Mooslechner -- The impact of the euro on investment : sectoral evidence / Tomas Dvorak … integration of Czech, Hungarian and Polish bond markets with the Euro area bond market : a deja-vu of the Club-Med convergence …