We estimate a panel VAR model for the euro area to quantitatively assess how the uneven recourse of national banking … systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 … evolution of aggregate economic activity in euro area member countries in the period 2008-2014. Our results suggest that the …

The euro area crisis is often linked to the emergence of current account imbalances. As most of the deficit countries … of claims of domestic banks on debtors in other euro-area countries, and an increase is expected to lead to higher …

We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the … in euro area member countries. Our results suggest that TARGET2 has significantly affected the transmission of capital ow …

We estimate a panel VAR model for the euro area to quantitatively assess how the uneven recourse of national banking … systems in the euro area to the ECB's unconventional refinancing operations that led to the accumulation of large TARGET2 … evolution of aggregate economic activity in euro area member countries in the period 2008-2014. Our results suggest that the …

Over recent years, several euro area countries have registered large and persistent net foreign liabilities. This paper …) programme countries and, to a lesser extent, the euro area countries in central and eastern Europe. The net foreign liabilities … external positions of the euro area debtor countries are relatively low at the current juncture, although the burden could …

Low international competitiveness of a set of euro area countries, which have become evident by large current account … analyse the role of private restructuring and public structural reforms for the urgently needed readjustment of intra-euro … intra-euro area competitiveness. This implies that private restructuring and public reforms are rather than public transfers …

's external surplus since the inception of the Euro in 1999. This is done by identifying the main determinants of exports and …. This constellation is unsustainable and requires policy action in Germany, in the European Union, the Euro Area and also by …

common currency - the euro - was at best minimal.This paper aims to show that, contrary to conventional wisdom, the crisis in … Europe is the result of an imbalance between core and noncore countries that is inherent in the euro economic model …. Underpinned by a process of monetary unification and financial deregulation, core eurozone countries pursued export-led growth …

common currency - the euro - was at best minimal. This paper aims to show that, contrary to conventional wisdom, the crisis … in Europe is the result of an imbalance between core and non-core countries that is inherent in the euro economic model …. Underpinned by a process of monetary unification and financial deregulation, core eurozone countries pursued export-led growth …

two deficits is asymmetric and the negative impact of the recent Eurozone banking and sovereign debt crisis on the current … positive impact of the budget balance on the current account balance is higher in the cases of non-Eurozone countries, high … budget deficit countries, and low exports countries, whereas it is lower in the cases of Eurozone countries, low budget …