, the euro and the Chinese renminbi (RMB). It focuses on what we call China’s" dominance hypothesis", i.e. whether the …

The current account has always been a neglected variable in the management of the Euro area and in the assessment of … deficits. It then examines some peculiar features of the growth experience under monetary union in four Euro area countries …

This paper explores the dominant role of politics in decisions made by euro area governments during the crisis …. Decisions that appear to have been driven by local political considerations to the detriment of the euro area as a whole are … costs across the euro area. The example of Cyprus is discussed, where political decisions resulted in a transfer of about …

We investigate the behaviour of gross capital flows and net capital flows for euro area member countries. We highlight …-deficit countries. Finally, we describe the reforms that can improve macro-financial stability across the euro area. …

before and after the introduction of the euro. Exceptions are a strong decline in real exchange rate volatility and a … EMU on standard business cycles statistics. However, further analysis reveals that the euro has changed the nature of the …

We study the determinants for the sovereign credit default swap (CDS) spreads of five Euro-area countries (Greece …

In this paper we study how the introduction of the euro has affected corporate financing in Europe. We use firm level … data from eleven euro-countries as well as from a control group of five other European countries spanning the years 1991 …-2006. We show that firms from euro-countries that previously had weak currencies have increased both their equity and debt …

conversion rates between the euro and the currencies of EMU members states. Current EU legislation, notably the Maastricht Treaty … prices of EMU member currencies against the euro. Unfortunately, most of these have potentially damaging side effects. One … approach, based on official Stage 2 offers of contingent euro forward contracts with value dates at the start of Stage 3 …

It is widely recognised that the "one-size-fits-all" monetary policy of the euro-zone is a potential problem. How much … of a problem has not been much investigated. It is argued in this paper that it may result in the euro not being … competitiveness. A formal theory of inflation in the euro-zone based on an open-economy version of the New Keynesian model is used to …