Opinion on limitations of cash payments (CON/2017/27)
... notes and coins, established by Member States for public reasons, are not incompatible with the status of legal tender of euro banknotes and coins, provided that other lawful means for the settlement of monetary debts are available’10, has been taken into account in previous ECB opinions considering ...
... notes and coins, established by Member States for public reasons, are not incompatible with the status of legal tender of euro banknotes and coins, provided that other lawful means for the settlement of monetary debts are available’10, has been taken into account in previous ECB opinions considering ...
Titel
... The D-mark and German unification: myth and reality An experience of life: „one mistake brings on the next“ No political union lax interpretation of the convergence criteria in 1998 (eleven countries) insufficient surveillance by the EU Commission from the start watering down of the Stab ...
... The D-mark and German unification: myth and reality An experience of life: „one mistake brings on the next“ No political union lax interpretation of the convergence criteria in 1998 (eleven countries) insufficient surveillance by the EU Commission from the start watering down of the Stab ...
central banking in the european union
... of 50% each: 1. share of the given state to the Community population in the penultimate year, which preceded the establishment of the Eurosystem, and 2. share of this members state to the GDP at Community market prices for 5 years preceding the penultimate year prior to the establishment of the Euro ...
... of 50% each: 1. share of the given state to the Community population in the penultimate year, which preceded the establishment of the Eurosystem, and 2. share of this members state to the GDP at Community market prices for 5 years preceding the penultimate year prior to the establishment of the Euro ...
Written Questions - Lorenzo Bini Smaghi
... resolved by policy-makers. However, time constraints prevent us from exploring this matter any further today. I would like to conclude by looking to the future. I agree with Franco Bruni’s analysis and recommendations. This crisis affirms the need for fully independent central banks in which the app ...
... resolved by policy-makers. However, time constraints prevent us from exploring this matter any further today. I would like to conclude by looking to the future. I agree with Franco Bruni’s analysis and recommendations. This crisis affirms the need for fully independent central banks in which the app ...
Mario Draghi: Unemployment in the euro area
... In Germany, for example, the inward shift in the Beveridge curve seen over the course of the crisis follows a trend that began in the mid-2000s after the introduction of the Hartz labour market reforms. Its relatively stronger employment performance was also linked to the fact that German firms had ...
... In Germany, for example, the inward shift in the Beveridge curve seen over the course of the crisis follows a trend that began in the mid-2000s after the introduction of the Hartz labour market reforms. Its relatively stronger employment performance was also linked to the fact that German firms had ...
THE EURO AS A RESERVE CURRENCY
... ! The currency of their main trading partner(s). ! The currency of foreign debt. ! The currency of pegging their domestic currencies (as an anchor currency). ! Central banks pursue portfolio diversification strategies, with a high risk aversion and a desire to have liquidity especially during period ...
... ! The currency of their main trading partner(s). ! The currency of foreign debt. ! The currency of pegging their domestic currencies (as an anchor currency). ! Central banks pursue portfolio diversification strategies, with a high risk aversion and a desire to have liquidity especially during period ...
Full-text article - Federal Reserve Bank of Boston
... policy are made centrally by the Governing Council2 of the Eurosystem, the operational aspects of monetary policy—including open market operations, administration of the minimum reserve system, and management of the standing facilities—are undertaken in a decentralized fashion at the twelve national ...
... policy are made centrally by the Governing Council2 of the Eurosystem, the operational aspects of monetary policy—including open market operations, administration of the minimum reserve system, and management of the standing facilities—are undertaken in a decentralized fashion at the twelve national ...
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... room for reductions in unit labour costs. The reference to an empirically verifiable connection between disinflation and an increase in unemployment in a number of European countries likewise fails to convince.3 It is unlikely that opposition to nominal wage cuts might have played a major role here, ...
... room for reductions in unit labour costs. The reference to an empirically verifiable connection between disinflation and an increase in unemployment in a number of European countries likewise fails to convince.3 It is unlikely that opposition to nominal wage cuts might have played a major role here, ...
Slide 1
... Problem No. 1: A few years of budgetary discipline do not guarantee long-term discipline: ...
... Problem No. 1: A few years of budgetary discipline do not guarantee long-term discipline: ...
The Experience of Greece: Pre-ERM
... convergence criteria for joining the euro area, it acts as testing phase for the central rate as well as for the sustainability of convergence in general. Lessons from the ERM Before I discuss the drachma’s experience in the ERM, let me posit a question: What kind of an intermediate exchange-rate re ...
... convergence criteria for joining the euro area, it acts as testing phase for the central rate as well as for the sustainability of convergence in general. Lessons from the ERM Before I discuss the drachma’s experience in the ERM, let me posit a question: What kind of an intermediate exchange-rate re ...
Speech by Tsvetan Manchev, BNB Deputy Governor, Member of the
... First, the BNB will continue to support enhanced financial mediation while trying to interfere in the processes of deposit multiplication and credit expansion only where it finds a threat to the stability of the financial system. Second, in its policy as a financial regulator, the Bank will make su ...
... First, the BNB will continue to support enhanced financial mediation while trying to interfere in the processes of deposit multiplication and credit expansion only where it finds a threat to the stability of the financial system. Second, in its policy as a financial regulator, the Bank will make su ...
TU-91-116 ECONOMICS OF EUROPEAN INTEGRATION
... - Banks couldn’t get money so they could not lend it to firms or consumers • No invesments, low confidence => recession ...
... - Banks couldn’t get money so they could not lend it to firms or consumers • No invesments, low confidence => recession ...
What Caused the Great Recession?
... The wealth effect explanation claims that the Great Recession was triggered by strong declines in the prices of homes, stocks and other assets. This argument comes in three versions which are discussed in increasing order of sophistication. The first version of the wealth effect explanation asserts ...
... The wealth effect explanation claims that the Great Recession was triggered by strong declines in the prices of homes, stocks and other assets. This argument comes in three versions which are discussed in increasing order of sophistication. The first version of the wealth effect explanation asserts ...
how to deal with macroeconomic imbalances?
... a link. In reality, the link might be due to the structure of financial markets in the savingsrich northern eurozone countries. There most of the excess savings is intermediated by the banking system and other highly regulated intermediaries (insurance companies, pension funds, etc.). These intermed ...
... a link. In reality, the link might be due to the structure of financial markets in the savingsrich northern eurozone countries. There most of the excess savings is intermediated by the banking system and other highly regulated intermediaries (insurance companies, pension funds, etc.). These intermed ...
Price and wage flexibility
... because of its importance •Ishiyama points out that differences in inflation rates and wage flexibility are of the utmost importance •The usefulness of a common currency depends on the openness of the country, •Countries prone to shocks should cast an anchor in a more stable environment and import i ...
... because of its importance •Ishiyama points out that differences in inflation rates and wage flexibility are of the utmost importance •The usefulness of a common currency depends on the openness of the country, •Countries prone to shocks should cast an anchor in a more stable environment and import i ...
Inflation Targeting by the European Central Bank
... in the manufacturing industry this month showed input-price inflation jumped to a record in France, Italy and Austria. The debt crisis and economic divergences in the 17-nation currency bloc are complicating the ECB’s task of applying a one- size-fits-all monetary policy. While Germany’s economy gre ...
... in the manufacturing industry this month showed input-price inflation jumped to a record in France, Italy and Austria. The debt crisis and economic divergences in the 17-nation currency bloc are complicating the ECB’s task of applying a one- size-fits-all monetary policy. While Germany’s economy gre ...
Is SDR Creation Inflationary?
... those countries that have managed their exchange rates to acquire more reserves. The FRB and the ECB would respond by reducing the supply of dollars and euros to match the reduced demand for them. They would respond further to compensate for any inflationary impact of increased exports from their ju ...
... those countries that have managed their exchange rates to acquire more reserves. The FRB and the ECB would respond by reducing the supply of dollars and euros to match the reduced demand for them. They would respond further to compensate for any inflationary impact of increased exports from their ju ...
European Commission
... links such convergence to the establishment of an economic and monetary union including “a single and stable currency”. Article 3 of the Treaty on European Union says that “The Union shall … work for the sustainable development of Europe based on balanced economic growth and price stability, a highl ...
... links such convergence to the establishment of an economic and monetary union including “a single and stable currency”. Article 3 of the Treaty on European Union says that “The Union shall … work for the sustainable development of Europe based on balanced economic growth and price stability, a highl ...
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... The Ifo Economic Climate Indicator for the euro area (EA19) declined by another three index points in the first quarter of 2016. It dropped to 118.9 points, but still remains significantly above its long-term average. Assessments of the current economic situation were only slightly less favourable t ...
... The Ifo Economic Climate Indicator for the euro area (EA19) declined by another three index points in the first quarter of 2016. It dropped to 118.9 points, but still remains significantly above its long-term average. Assessments of the current economic situation were only slightly less favourable t ...
Price and wage flexibility
... because of its importance •Ishiyama points out that differences in inflation rates and wage flexibility are of the utmost importance •The usefulness of a common currency depends on the openness of the country, •Countries prone to shocks should cast an anchor in a more stable environment and import i ...
... because of its importance •Ishiyama points out that differences in inflation rates and wage flexibility are of the utmost importance •The usefulness of a common currency depends on the openness of the country, •Countries prone to shocks should cast an anchor in a more stable environment and import i ...
Examining Eurozone Divergence - Sound Ideas
... allowed membership in the monetary union. Homogeneity was of the utmost importance because for a monetary union to function healthily, member states must have similar economic environments. The EMU also shares a single, independent central bank: the European Central Bank (ECB hereafter). The ECB has ...
... allowed membership in the monetary union. Homogeneity was of the utmost importance because for a monetary union to function healthily, member states must have similar economic environments. The EMU also shares a single, independent central bank: the European Central Bank (ECB hereafter). The ECB has ...
One Market, One Money – - Archive of European Integration
... dominant view in 1990. It was also driven by experience with capital and credit controls in countries like Italy and France, which led to political interference with no visible benefit in terms of higher growth. The view that financial markets are efficient actually became even more widespread durin ...
... dominant view in 1990. It was also driven by experience with capital and credit controls in countries like Italy and France, which led to political interference with no visible benefit in terms of higher growth. The view that financial markets are efficient actually became even more widespread durin ...
Lesson
... 1. To enhance Europe’s power in international affairs: as a union of countries, the EU could represent more economic and political power in the world. 2. To make Europe a unified market: a large market with free trade, free flows of financial assets and free migration of people—in addition to fixed ...
... 1. To enhance Europe’s power in international affairs: as a union of countries, the EU could represent more economic and political power in the world. 2. To make Europe a unified market: a large market with free trade, free flows of financial assets and free migration of people—in addition to fixed ...
Eurozone
The eurozone (About this sound pronunciation ), officially called the euro area, is a monetary union of 19 of the 28 European Union (EU) member states which have adopted the euro (€) as their common currency and sole legal tender. The other nine members of the European Union continue to use their own national currencies.The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Other EU states (except for Denmark and the United Kingdom) are obliged to join once they meet the criteria to do so. No state has left, and there are no provisions to do so or to be expelled. Andorra, Monaco, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. Kosovo and Montenegro have adopted the euro unilaterally, but these countries do not officially form part of the eurozone and do not have representation in the European Central Bank (ECB) or in the Eurogroup.The ECB, which is governed by a president and a board of the heads of national central banks, sets the monetary policy of the zone. The principal task of the ECB is to keep inflation under control. Though there is no common representation, governance or fiscal policy for the currency union, some co-operation does take place through the Eurogroup, which makes political decisions regarding the eurozone and the euro. The Eurogroup is composed of the finance ministers of eurozone states, but in emergencies, national leaders also form the Eurogroup.Since the financial crisis of 2007–08, the eurozone has established and used provisions for granting emergency loans to member states in return for the enactment of economic reforms. The eurozone has also enacted some limited fiscal integration, for example in peer review of each other's national budgets. The issue is political and in a state of flux in terms of what further provisions will be agreed for eurozone reform.