; Part 1 Macroeconometric evidence on the transmission mechanism in the euro area; Part 2 Firms' investment and monetary …; Part 4 Monetary policy in the euro area: summary and discussion of the main findings; Appendix; References; Figures; Tables … national economies of the Euro-zone. Analysing macro and micro-economic evidence, with chapters by central bank economists …

prolonged growth. They contend that the economic impact of the euro, and its accompanying institutions, is likely to be … as the Stability and Growth Pact which govern the euro. The authors propose alternative policy and institutional … arrangements within which the euro should be embedded. They demonstrate that these would have the benefits of a single currency …