A macroeconomic stabilisation function for the euro area - as envisaged in the Five Presidents' Report - plays a … central role in the debate on deepening Economic and Monetary Union (EMU). We evaluate a broad range of options, their impact … on economic growth, macroeconomic stabilisation and synchronisation of the euro area business cycle, and review how they …

assesses the macroeconomic impact on the euro area of different uses of NGEU, using a large dynamic stochastic general … equilibrium (DSGE) model of the euro area and global economy (EAGLE) that has been adapted to reflect the modalities of the NGEU …

the euro area. Five key markets are considered, namely the money, corporate bond, government bond, credit and equity …

and Monetary Union (EMU) and the role of persistent losses in competitiveness. This paper starts by investigating some of … the competitiveness factors which contributed to external imbalances in euro area countries. The evidence suggests … significant heterogeneity across countries in both price/cost and non-price competitiveness in the euro area and that there is no …

In order to understand why there is a continuous increase in euro banknote circulation even though the use of cash for … transactions is decreasing in the euro area - a phenomenon known as the paradox of banknotes - the members of the Overseas … workstream of the Eurosystem Research Network on Cash (EURECA) have conducted a study on the foreign demand for euro banknotes …

The consensus back in 2008 - ten years after the introduction of the euro - was that the adoption of a common currency … had made a limited impact of around 2% in total on the trade flows of the first wave of euro area countries (Baldwin et al …., 2008). Since then, six more countries have joined the euro area, and firms have internationalised their production …

The paper provides an analysis of the euro area money and bond markets and their infrastructure since the introduction … of the euro. Significant development in terms of integration took place in both markets in general to a various degree … for the different segments. However, there remain room for further integration after the first year of Stage III of EMU …

) indicators of the euro. This framework yields two sets of indicators - (i) one nominal and several real EER indices against a … narrow reference group of euro area trading partners based on different price and cost deflators; and (ii) a nominal and a … industrial and newly industrialised euro area partner countries, while the broad group is made up of 38 trading partners …