We study the implication of a multipolarization of the international monetary system on crosscurrency volatility. More specifically, we analyze whether the internationalization of the yuan could modify the impact of asset supply and trade shocks on the euro-dollar exchange rate, within a...

The Eurozone crisis is much more than a sovereign debt crisis. It puts into question the whole architecture of economic policy, from monetary policy to macroeconomic surveillance and sanctions. Beyond the short-run urgencies, EU members need to come out with a clear view of what kind of...

Everywhere in the world, the need for fiscal stimulus has caused a severe deterioration of fiscal balances and raised the unavoidable question of debt sustainability. In the Euro area, the recent initiation of Excessive Deficit procedures by the European Commission against the countries with...