distinct convergence clubs, with the euro area and the United States respectively at their core. In line with the theoretical …

investigated from an empirical perspective for the euro area as a whole, for individual euro area member countries and for other EU … or a common pattern in macro-financial linkages across the euro area and do these linkages vary over time? 4) Do cross … between euro area and other countries. Results also indicate that cross-country spillovers matter. Finally, important non …