Table of contents
1. The Limits of Surveillance and Financial Market Failure: Some Fundamental Issues Arising from the Euro-Area Crisis
2. Global and Regional Surveillance: Lessons from the Euro-Area Crisis
3. Surveillance Failure or Systemic Failure?
…Bank Leverage and the Credit Cycle in the Euro Area: A Bayesian Semi-Parametric Approach
Celestino Girón, Silvia Mongelluzzo
10. Households’ Financial Portfolio Choices: A Comparison between France and Germany (1978–2009)
…EMU and the Euro-Mediterranean Dialogue: Trade Interdependence between Mediterranean and Euro-area Countries
7. In and Out of Monetary Unions: Lessons From, and Risks For the EMU. An Alternative Approach to Monetary Unions
…The Monetary Policy Response to the Financial Crisis in the Euro Area and in the United States: A Comparison
4. Real Divergence Across Europe and the Limits of EMU Macroeconomic Governance
…Can the Euro Area Play a Stabilizing Role in Balancing Global Imbalances?
Philip Arestis, Malcolm Sawyer
Part II. Policy Coordination and Increased Integration as Means to Properly Steer Euroland
5. Whatever Happened…
…The Financial Crisis in the Light of the Euro Area Accounts: Selected Issues
Philippe Rougemont, Bernhard Winkler
7. The Surveillance of Macroeconomic Imbalances in the EU: The Sectoral Perspective
Carlos Cuerpo, Alexandr…
…Tracking the Economy in the Largest Euro Area Countries: a Large Datasets Approach
Riccardo Cristadoro, Giovanni Veronese
7. Assessing Aggregate Comovements in France, Germany and Italy Using a Non Stationary Factor Model…
…Non-Bank Financing for Euro Area Companies During the Crisis
Annalisa Ferrando, Emmanouil Mavrakis
2. Neither a Borrower Nor a Lender Be! Loan Application and Credit Decision for Young European Firms
Andrea Moro, Daniela…
…AS-AD Disequilibrium Dynamics and the Taylor Interest Rate Policy Rule: Euro Area-Based Estimation and Simulation
Peter Flaschel, Christian R. Proaño
11. How the Maastricht Regime Fosters Divergence as Well as Instability
Table of contents
1. When Should the New Member States Join EMU?
2. The Exchange Rate: Shock Generator or Shock Absorber?
Maryla Maliszewska, Wojciech Maliszewski
3. Do the New Member States Fit the Optimum-Currency-Area Criteria?
Monika Blaszkiewicz-Schwartzman, Przemyslaw Wozniak