over the period from 1948 through 2008. We find that, with the introduction of the euro, trade imbalances among euro area … tends to be more balanced when nominal exchange rates are flexible. Intra-euro area imbalances also seem to have become more … persistent with the introduction of the euro, some of which is linked to labor market inflexibility. Reviewing the direction of …

size of euro capital markets and the existing roles of European currencies in international capital markets. The paper also … examines the euro’s impact on international securities markets, including the role of the ECB, the evolution of EMU securities …, as are the broader implications of the introduction of the euro for changes in international capital flows, international …

The success of European Economic and Monetary Union (EMU) will depend on the stability of the euro. The monetary policy … inflation targeting rule that includes output. Implications for the euro as a reserve currency are examined in the light of the …

This paper explores inflation determinants within the EU and implications for new members'' euro adoption plans. Factor … analysis partitions observed inflation in EU25 countries into common-origin and country-specific (idiosyncratic) components …. Cross-country differences in common-origin inflation within the EU are found to depend on gaps in the initial price level …

regard to the prices of traded goods in small countries that have not adopted the euro and uses the Bayoumi-Eichengreen OCA … not adopted the euro have increasingly seen a change in the determinants of their traded goods prices. This seems to … contrast with the experience of small countries that adopted the euro. The results need to be interpreted carefully, given the …

The paper compares the degree of capital market integration across euro-area countries with that across regions in … capital flows within the euro area that would entail sizable shifts in countries’ equilibrium current accounts …

Using symmetric data sets of 92 weekly return observations before and after the introduction of the euro, the paper …

aspiring EU members, track the euro. Of the five countries keying on the US dollar in various degrees, all but one belong to … of them have been tracking either the euro or the US dollar in recent years. Eight countries, all of them current or … the Commonwealth of Independent States. The paper shows that the extent to which each country's currency tracks the euro …

When the euro was introduced in 1998, one objective was to create an alternative global reserve currency that would … grant benefits to euro area countries similar to the U.S. dollar's 'exorbitant privliege': id est, a boost to the perceived … quality of euro denominated assets that would increase demand for such assets and reduce euro area members' funding costs …