In the decade following the introduction of the euro, many Southern EMU members experienced sizeable capital inflows … exchange rate vis-à-vis the euro amplifies the effects of monetary integration in the South, while dampening them in the North …. Using a panel-BVAR, we confirm empirically that the euro area countries experiencing a fall in interest rates relative to …

We explain how the external counterpart of the euro area M3 can be analysed by using the euro area balance of payments … the monetary signal stemming from external flows. Over the past five years, the increase in the euro area's external … competitiveness has given rise to a sustained current account surplus that has consistently supported monetary inflows into the euro …

A simple econometric framework is presented linking current account balances of euro area countries to intra and extra … euro area competitiveness, cyclical positions, fiscal positions and the oil price. The framework is then used to cyclically … balances required in the euro area periphery to bring structural current account balances to levels compatible with sustainable …

In the debate on global imbalances, the euro area countries did not receive much attention so far. While the current …. -- Current account imbalances ; catching up and competitiveness ; euro area …In der Diskussion über globale Ungleichgewichte spielen die Länder der Eurozone bisher nicht die zentrale Rolle …

In the debate on global imbalances, the euro area countries did not receive much attention so far. While the current …

within the euro area. This was facilitated by post-2001 low interest rate policies and changing financing conditions for the …