This paper examines diverse aspects of the monetary integration of the ten new Member States (NMS) which joined the EU on 1 May 2004 into the euro area. Most NMS have undergone a rapid and deep transformation in all areas with considerable progress in their processes of reform and convergence,...

The start of the European Economic and Monetary Union (EMU) has spurred a new interest in the debate on the effects of monetary unions on regional economic integration. This literature either investigates past episodes of monetary unions or attempts to gauge any effect with a few years of EMU...

This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency...

This report is the 17th edition of the TARGET Annual Report. The first edition was published in 2000, covering TARGET's first year of operation (1999). As in previous years, the report presents the main facts relating to the TARGET system, taking into account the developments which took place in...

This report is the sixteenth edition of the TARGET Annual Report. The first edition was published in 2000, covering TARGET's first year of operation (1999). As in previous years, the report presents the main facts relating to the TARGET system, taking into account the developments which took...

The market infrastructure for payments is one of the three core components of the financial system, together with markets and institutions. It consists of the set of instruments, networks, rules, procedures and institutions that ensure the circulation of money. The principal objective of this...

The market infrastructure for payments is one of the three core components of the financial system, together with markets and institutions. It consists of the set of instruments, networks, rules, procedures and institutions that ensure the circulation of money. The principal objective of this...