This Policy Contribution provides up-to-date evidence of the strong heterogeneity in the relationships between the five biggest EU economies with the Southern Mediterranean Countries (SMCs).…

This is a study of the transmission of monetary policy to macroeconomic variables with structural time-varying coefficient vector autoregressions in the Czech Republic, Hungary and…

The Bank of England, the Federal Reserve (Fed) and the European Central Bank (ECB) have responded to the crisis with exceptional initiatives resulting in a…

The euro crisis and subsequent policy responses have challenged the assumptions underpinning the euro-area's governance, and the relationship between the European Union's euro and non-euro countries.…

There is a view that the euro crisis is a balance-of-payments crisis at least as much as a fiscal crisis.The balance-of-payments discussion lacks clarity, however.…

This Working Paper sheds light on the link between sovereign and banking risk in the euro zone. It provides an empirical analysis of the impact of…

Using data on exchange rates and consumer price indices and a weighting matrix, we calculate up-to-date consumer price index-based REER (the real effective exchange rate) for 178 countries – many more than in any other publicly available database – plus for the euro area. The database will be irregularly updated.

This paper focuses on the internationalisation sequence of the renminbi, its meaning and its outlook. It is part of a broader work, which concentrates on the consequences for the international monetary system as a whole.

The G20 has produced mixed results. After initial high hopes and some success, negotiations within the G20 forum have slowed, progress is less visible and…

This Policy Contribution reviews the major challenges faced by the euro area, and discusses recent initiatives and the way forward. Some implications are drawn out for Latvia’s euro accession, which is likely to be beneficial on balance.