transmission processes at the systemic level. We use the euro area financial accounts (flow of funds) data to construct a sector … leverage and asset volatility. We conclude that the bilateral cross-sector exposures in the euro area financial system …

transmission processes at the systemic level. We use the euro area financial accounts (flow of funds) data to construct a sector … leverage and asset volatility. We conclude that the bilateral cross-sector exposures in the euro area financial system …

limited euro area cross-border integration. We argue that overbanking hinders both cross-border integration for the EU and the …

This paper considers how the European Union, and more specifically the euro area, can contribute to international … internal stability in the euro area and has promoted a dynamic development of capital markets. But in some respects, monetary … positions on exchange-rate policy, the international financial architecture, and the euro as an international currency …

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 …