increase risk premia measured by relative swap spreads. The effect of deficits is significantly lower under EMU. This effect …

) by specifying an open-economy version of a two-region New Keynesian model for EMU and demonstrate that the result by … EMU and sustainability in the case, prevailing currently, where a high debt country should both restore its …

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their … policy autonomy in several areas, such as monetary policy and fiscal policy. The paper shows that EMU has helped reduce the …

The EMU fiscal system is specific in many areas compared to other classic fiscal systems of national states. Specific … features mainly reflect in the implementation of economic policy within the EMU which is carried out by combining a common … internal market. Finally, the third segment refers to the fiscal policy coordination of the EMU member states related to …