Macro-Financial Stability Under EMU

Philip R. Lane

No 1, ESRB Working Paper Series from European Systemic Risk Board

Abstract: This paper examines the cyclical behaviour of country-level macro-financial variables under EMU. Monetary union strengthened the covariation pattern between the output cycle and the financial cycle, while macro-financial policies at national and area-wide levels were insufficiently counter-cyclical during the 2003-2007 boom period. We critically examine the policy reform agenda required to improve macro-financial stability. JEL Classification: E52, E65, G28

Keywords: exchange rate; financial stability; inflation; international capital flows; macroeconomic stabilisation (search for similar items in EconPapers)
Date: 2016-02
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:srk:srkwps:20161

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