provision of lender of last resort facilities in the euro zone and the framework for supervising financial institutions. The … Growth Pact have been justified by the threat high debts might pose to the stability of the euro zone's financial markets. I … and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear …

. The currency enjoys high levels of trust and is not challenged by the emergence of private currencies, such as Bitcoin, or … opted to go this way. In the euro area, consumers have multiple payment options and a very efficient retail payments system … be very different from the current system, as most settlements today are done via the dollar (and then the euro …

unconventional monetary policies (eg “quantitative easing”). What may have worked in the US or in the UK, will not work in the euro … Varianten unkonventioneller Geldpolitik (z.B. „Quantitative Easing“) zu bekämpfen. Was in den USA oder in Großbritannien … Beitrag zeigt. Eingebettet werden die Argumente in die aktuelle Debatte um den „zu starken“ Euro.  …

standard practice. The maintenance of a stable financial and payments system, however. is not an explicit objective of the ECB …A European central banking institution will be an essential feature of the final stage of the European Economic and … Central Banks and of the European Central Bank. The draft Statute mandates the maintenance of price stability as the explicit …

materialised or simply which rounds participants responded in. We apply and adapt an approach developed by D'Agostino et al. (2012 …In this paper, we consider whether differences in the forecast performance of ECB SPF respondents reflect ability or … reflect ex ante skill or other factors impacting ex post sampling variation such as the nature of economic shocks that …

recourse to central bank finance is rather limited and does not affect the risk-taking behaviour of banks in a non … for euro area sovereign bonds. … high-yielding periphery bonds in the period from Q1 2008 to Q2 2011. This investment strategy is pursued by banks not …

recourse to central bank finance is rather limited and does not affect the risk-taking behaviour of banks in the non … high-yielding periphery bonds in the period from Q1 2008 to Q2 2011. This investment strategy is pursued by banks not … subject to a bailout, banks characterised by high capitalisation, banks that rely on short-term wholesale funding, and trading …

's two main contributions are, first, to shed light on non-financial firms' decisions on leverage, and how the ECB …'s conventional and unconventional policies may have affected them. Second, the paper also examines how these policies influenced non …-financial firms decisions on capital allocation – primarily capital spending and shareholder distribution (for example, dividends and …

the euro area yield curve. For this purpose, we estimate a relation between the "news" or "surprise" in the released data …Using intra-day data, we assess the impact of the press release on euro area monetary data on the different segments of … for annual M3 growth and the move in the interest rates for a time-window surrounding the press release. We find that the …