Should we blame the euro for widening of current account deficits in the EMU? In this paper, we employ time … of the euro. Our aim is to assess to what extent the increased current account deficits could be attributed to the single … currency and to the role of other variables, especially fiscal policy and developments of financial sector. We show that euro …

This dissertation is a collection of three essays dealing with selected problems of the Euro Area during its most …. First, from the national perspective, central banks may be confronted with a classical tragedy-of-the-commons problem, which …

In this paper, we analyze the volume of euro banknotes issued by Germany within the euro area with several seasonal … methods. We draw a distinction between movements within Germany, circulation outside Germany but within the euro area and … demand from non-euroarea countries. Our approach suggests that only about 20% of euro notes issued by Germany are used for …

the current euro area crisis. The euro may have led to bubbles, but member economies were not free of trouble before the … euro. Many members were losing competitiveness and in need of removing structural rigidities. If anything, the euro was … introduction of the euro and then discuss the governance overhaul taking place in Europe today. This overhaul was something that …

and endogenous money, the situation of some euro zone members is examined with a focus on the three techniques of recovery … world, is added. The conclusion is that the policy recommendation given by Keynes in his letter also holds for the euro zone …