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Persistent link: https://www.econbiz.de/10012041965
The Euro system maintains a high level of transparency in all aspects of operations, demonstrating a strong institutional commitment to openness and a high degree of observance of the code. Greater consistency in the disclosure practices of individual National Central Banks (NCBs) will ensure...
Persistent link: https://www.econbiz.de/10014407414
We investigate the factors driving current account and monetary policy developments in the euro area. We estimate an open-economy structural vector autoregression (VAR) model with zero and sign restrictions derived from a multi-country dynamic stochastic general equilibrium (DSGE) model to...
Persistent link: https://www.econbiz.de/10013329445
, the eurozone and beyond. We argue genesis of this crisis lies in the integration negotiations of 1991, ratified in 1992 …. These produced a flawed economic model within the eurozone. Given the seeds of decay were planted at origin; we argue the … solution can be found through a reconstructed eurozone via looser integration, where countries less equipped to deal with the …
Persistent link: https://www.econbiz.de/10011449877
Persistent link: https://www.econbiz.de/10001651367
Persistent link: https://www.econbiz.de/10012203586
In contrast to Robert Mundell's Optimum Currency Area theory and his recommendation of forming a monetary union, the economic fundamentals of Euro area member countries have not harmonized. The opposite holds: the Euro core countries - most of all Germany, but also the Netherlands and Finland -...
Persistent link: https://www.econbiz.de/10008695492
seems as if there is an alternative. But what? The Eurozone is in a deep and prolonged crisis. It is now clear that monetary … source of the Eurozone crisis -- The stock-flow quandry of the EMU -- European and global inability to deal with external …
Persistent link: https://www.econbiz.de/10011333732
The paper summarises the channels and mechanisms which lead to the emergence of macroeconomic imbalances in the EMU before, in and after the crisis of 2008/09. It focuses on the role of the specific institutional setting of the EMU in these developments and outlines the key reforms which are...
Persistent link: https://www.econbiz.de/10011337035