The introduction to the no. 1/13 of the journal FaÚ-CJEF, focused on the single topic „Financial Linkages and Financial Stability”.

Following the Great Recession, eurozone countries have performed worse than even the currency union’s most pessimistic critics had predicted. The paper identifies the strong fundamental flaws in the design of the eurozone and proposes a set of reforms, both in the structure of the eurozone and...

The objective of the article is to identify impact of economic policy implications on current financial and economic crisis. The analysis examines a hypothesis that the main causes of financial and economic crisis include unbalanced developments of the macroeconomic sphere as well as existing...

This paper aims at investigating some neglected consequences of free capital mobility in the Euro area. The approach we use in this work is based on the bookkeeping nature of money, which shows that capital - in the form of bank deposits - is mobile within a currency area but actually immobile...

The narrative as well as the analysis of deregulated finance in the global economy remain incomplete unless one relates to the surges as well as volatility in capital flows which are experienced by the emerging economies. An analysis as above needs to consider the implications of capital flows...

From an analysis of the uncertainties, deficiencies and negative effects of the present monetary system the necessity and the requirements for a new monetary order are derived. These requirements are fulfilled by the presented regulations of a monetary order, which is based on the proposals of...

The adoption of a single currency was considered one of the most important successes of the effort to unify the countries of the European Union. Obviously, a common currency has indisputable advantages, the most important being that of stimulating trade in countries that have joined the...

Starting from the definition according to which monetary stability requires an appropriate level of liquidity in an economy with dynamic objectives, of growth and job creation, non-inflationary in terms of price stability, based on the analysis of the effects of some relevant economic phenomena...

The scope of this article is to illustrate the general issues relevant for understanding the implications of the global crisis on European money market integration. We structured our paper on chapters that present the evolution of the considered market from the launch of euro until the financial...