We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened. This came at …

the European Central Bank (ECB) have evolved in these three countries since their introduction at the turn of the century …

Bank (ECB) cannot outperform its national predecessors, as the euro area countries experience different business cycles yet … common currency, European monetary policy has also become largely independent of exchange rates. However, the central bank is …