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Effective Fund surveillance over the members of currency unions entails discussions at the regional level. This requirement derives from the fact that currency union members have devolved responsibility for policy areas that are central to Fund surveillance, notably monetary and exchange rate...
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In this paper, we examine the impact of eurozone membership on sovereign creditworthiness over the period 1996-2017 and … the underlying channels through which the impact operates. We find that: (a) eurozone membership improved sovereign credit … ratings, on average by over one notch; (b) the ratings boost was significantly higher in the pre-crisis period (with eurozone …
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