Bussière, M.; Chudik, A.; Mehl, A. - Banque de France - 2011
This paper uncovers the response pattern to global shocks of euro area countries' real effective exchange rates before … and after the start of Economic and Monetary Union (EMU), a largely open ended question when the euro was created. We …-EMU responses of euro area countries to global risk aversion shocks have become similar to those of Italy, Portugal or Spain before …