This paper reviews financial stability challenges in the EU candidate countries Croatia, Turkey and the former Yugoslav Republic of Macedonia. It examines the fi nancial sectors in these three economies, which, while at very different stages of development and embedded in quite diverse economic...

This paper reviews the economic, monetary and financial relations between the EU and the euro area and a set of countries in a broad set of neighbouring regions. The 80 or so countries are mostly classified as transition, emerging or developing economies and belong to four main regions: the...

This paper – based on a report by a Task Force established by the International Relations Committee (IRC) of the European System of Central Banks (ESCB) – reviews macroeconomic and financial stability challenges for acceding (Bulgaria and Romania) and candidate countries (Croatia and...

In light of the experience of the global financial crisis, this book develops concrete recommendations for financial sector reform and regulation in Asian economies aimed at preventing the recurrence of systemic financial crises, improving the ability to manage and resolve crises, managing...

This paper reviews the arguments against the ECB’s extended asset purchase programme. It is shown that the main lines of arguments — arguments those suggesting that under current economic conditions it was not needed to pursue quantitative easing, and arguments those indicating that...

The ECB decision to cut its benchmark interest rate in November 2013 has been severely criticised in Germany. Against this background, the President of the Bundesbank justified the ECB’s monetary policy stance in recent speeches. At the same time, however, he argued that this stance carries...