Bereits vor der Corona-Krise zeigte die Europäische Währungsunion (EWU) eine unbefriedigende wirtschaftliche … be avoided. Last, but not least, a mechanism is needed to stabilise the financial system and quickly deal with non … der Geldpolitik fehlt es der EWU an Institutionen, welche die notwendige Wirtschaftspolitik unterstützen. Es besteht somit …

adoption and use of the single European currency. Here, we construct a new Monetary Union Readiness Index (MURI) for the EU … Member States. The theoretical framework of the index is built on the economic theory of Optimal Currency Areas and EU … regulations such as the Treaty and the Maastricht criteria, and the Regulation on the Macroeconomic Imbalance Procedure. The index …

and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear … to coordinate monetary stances and lock exchange parties for a smooth switch from eleven national currencies to a single … joint currency. A third problems, one that is central for EMU and to any currency union, lies behind the difficulty of the …

Based on SVAR models identified by sign restrictions, we estimate the macroeconomic effects of financial and … uncertainty shocks in the euro area and the US, paying particular attention to their effects on prices. While our results confirm … impact of financial and uncertainty shocks on real activity. …

different sizes and that the competition within the banking sector does not influence how banks utilize TLTRO liquidity. … lending or invest in riskier assets. Finally, our results also suggest that TLTRO’s impact is consistent across banks of …

typically developed in central banks remain stylised descriptions of our modern economies and can fail to predict or assess the …This paper takes stock of the ECB's macroeconometric modelling strategy by focusing on the models and applications used … in the Forecasting and Policy Modelling Division. We focus on the guiding principles underpinning the current portfolio …

environment will not lead to a sustainable reduction of debt-to-GDP ratios and that it takes more than just low or negative yields …

banks would not increase materially on aggregate and would remain contained overall. … offer a wide range of financial stability benefits, including safeguarding the role of public money and strengthening the … strategic autonomy and monetary sovereignty of the euro area in the digital era. It would be designed to have no material impact …