Search Results - subject:"Währungsunion"

Anchoring Europe’s monetary future : why a wholesale digital euro is the immediate priority

Vanhoudt, Patrick - 2026

Dollar-denominated stablecoins are expanding rapidly. For Europe, this is not merely a technological development. The deeper question is strategic: who controls the infrastructure through which money circulates? Even where prices, contracts and accounting remain denominated in euro, a growing...

Persistent link: https://www.econbiz.de/10015637564

Confrontations over seigniorage in the euro area

Pfister, Christian - 2026

Concerns about the prospective evolution of seigniorage collected by central banks as a result of innovation in the field of money and payments are not new. They have resurfaced recently with the prospect of stablecoins gaining traction. This paper considers that commercial banks also collect a...

Persistent link: https://www.econbiz.de/10015637566

The euro as an optimum currency area? : a reappraisal

Pfeifer, Moritz; Schnabl, Gunther - 2026

This paper reassesses whether the euro area satisfies the criteria of an optimum currency area. It contrasts early hopes of convergence with subsequent developments marked by persistent heterogeneity across member states. Differences in economic structures, fiscal policies, and financial cycles...

Persistent link: https://www.econbiz.de/10015641818

Optimal default in a small open economy : Senegal's hidden debt crisis

Coulibaly, Louphou; Ndiaye, Abdoulaye - 2026

Hidden public liabilities can reprice sovereign risk abruptly upon revelation. We study optimal default following such a revelation in a quantitative sovereign default model and apply the framework to Senegal's 2024 debt audit, which revised government debt upward by 50 percentage points of GDP....

Persistent link: https://www.econbiz.de/10015651315

On European fragmentation and the single currency in an uncertain world

Visco, Ignazio - 2026

Europe, and especially the European Union, faces major challenges from the policies of the second Trump administration, which affect not only trade but also energy, defence, digital services and payments. Uncertainty around US decisions has raised questions about the stability of the...

Persistent link: https://www.econbiz.de/10015634081

Aggregate tax and spending multipliers in a monetary union

Ider, Gökhan; Rieth, Malte - 2026

We examine the aggregate effects of government spending and tax changes in a monetary union. We show theoretically that government consumption and government investment shocks have multipliers above 1, and consumption tax and income tax shocks have multipliers below 1. We test the predictions on...

Persistent link: https://www.econbiz.de/10015670599

E pluribus euro : minimum fiscal capacity for collective trade policy in a currency union

Kopecky, Joseph - 2026 - Revision date: April 2026

Persistent link: https://www.econbiz.de/10016073666

Output and money growth in the euro area

Arnold, Ivo J. M. - 2026

Persistent link: https://www.econbiz.de/10016083955

Recessionary wage flexibility in a monetary union

Kobielarz, Michał - 2026

We examine how wage flexibility affects the transmission of economic shocks within a monetary union using a two-agent New Keynesian small open economy model. We show that, in the presence of financially constrained households, greater wage flexibility can amplify shocks rather than mitigate...

Persistent link: https://www.econbiz.de/10016085693

Pandemic-era inflation dynamics in the euro area : the role of policy and non-policy demand and energy and non-energy supply factors

Barauskaitė Griškevičienė, Kristina; Brand, Claus; … - 2026

We analyze the sources of the pandemic-era inflation surge in the euro area using a Bayesian vector autoregression (BVAR) model. By applying narrative, sign, zero, and inequality restrictions, this study is the first that jointly analyzes the inflationary effects of energy and non-energy supply...

Persistent link: https://www.econbiz.de/10015618081