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 …

Die Europäische Zentralbank ist in den vergangenen anderthalb Jahren zunehmend in die Kritik geraten, und zwar aus zwei … for incurring high risks and overstepping its mandate, the other group argues that the Eurosystem has not done enough to … Eurosystem and argues that the Eurosystem could not have refrained from purchasing government bonds without risking great …

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 …

. The currency enjoys high levels of trust and is not challenged by the emergence of private currencies, such as Bitcoin, or … system in terms of the role of commercial banks in intermediation and the role of fiat money. So far, central banks have not … opted to go this way. In the euro area, consumers have multiple payment options and a very efficient retail payments system …

sanctions, and part - and not the smallest one - is caused by the European Central Bank's printing money by hook or by crook in … the past and in the presence. This paper attributes inflation decisively to the overwhelming money creation by the …

, seeking a definition of the safety border, and discuss LOLR support for borderline safe assets such as MMF or uninsured … sides, a simple benchmark for the scale and scope of their core mandate of price and financial stability may be useful. We … make a case for a narrow mandate to maintain and safeguard the border between safe and quasi safe assets. This ex …

'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 …

recourse to central bank finance is rather limited and does not affect the risk-taking behaviour of banks in a 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 …