This paper examines the benefits of co-ordination in EMU in a stylised manner and how these benefits have shaped the co-ordination framework in EMU. It then discusses in detail the co-ordination experience in four areas that are particularly important for the functioning of EMU: (i) fiscal...

The paper examines the implications of EMU for world macroeconomic and financial stability, distinguishing EMU effects from other global factors at work. It concludes that EMU is having on the whole stabilising effects on the world economy, particularly in neighbouring regions.

Domestic-currency invoicing and hedging allow internationally active firms to reduce their exposure to exchange rate variations. This paper argues that domestic-currency invoicing and hedging with exchange rate derivatives allow a fairly straightforward management of transaction and translation...

At the moment of the euro cash changeover, inflation perceptions in the euro area deviated from measured inflation, and in some euro-area Member States in a persistent way. In recent years, a growing body of literature has developed on the factors that might explain this deviation. This paper...