Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 2008
A number of studies have recently noted that monetary integration in the European Monetary Union (EMU) has been … channels: A "borrower effect," as a country's EMU membership may leave its borrowers more creditworthy in the eyes of foreign … intervention.
JEL classi cation: F15, F33, F34
Key words: euro, EMU, monetary union, bank lending, nancial diversion
Mark …