predecessor currencies, net of intra-euro area assets/ liabilities, before stage 3 of EMU. A number of key factors determining the … a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both from the … measures are presented, including euro aggregates calculated up to five years back in time. The data allow for the …

Will EMU accelerate or retard structural reform in labour and product markets? The theoretical literature is ambiguous …. New descriptive evidence provided in this paper suggests that euro-area countries have made relatively good progress in … structural reform. However, it is much less clear whether progress can be ascribed to EMU membership. To explore further the …

This paper assesses the Euro’s influence upon European trade by estimating two different indicators. The first is the … with its trade partners. This study of the Euro’s influence by means of the Border Effect is a novelty in the literature …, it reveals that the Euro’s influence upon trade is not so clear as papers focused only on the Rose Effect claim. This …

Although recent research shows that the euro has spurred cross-border financial integration, the exact mechanisms … remain unknown. We investigate the underlying channels of the euro's effect on financial integration using data on bilateral … euro's impact on financial integration is primarily driven by eliminating the currency risk. Legislative …

In order to assess the effect of EMU on market conditions for banks based in countries which adopt the Single Currency … lower, especially in France and Germany. EMU would therefore imply a notable rise in competition for small banks in France …

This paper sets out to build a synthetic quarterly Divisia monetary aggregate for the euro area using area wide data … regards future output and inflation in the euro area is analysed. The outcome of this analysis suggests that the Divisia … important role in shaping monetary policy in the euro area. …

The harmonisation of fiscal and economic policy within the European Monetary Union (EMU) has had a considerable impact … economic integration among euro area countries has important consequences for the factors driving asset returns in financial … recent euro area stock markets data, we find clear evidence that diversification over industries yields more efficient …

-time data. We find that such economic news in the United States, Germany and the euro area have indeed been a driving force … behind daily US dollar – euro/DEM exchange rate developments in the period 1993-2003. The larger importance of US … macroeconomic news is at least partly explained by their earlier release time compared to corresponding German and euro area news …