Macro-Financial Stability under EMU

Philip Lane

No 10776, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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.

Keywords: Emu; Financial stability; Macroprudential (search for similar items in EconPapers)
JEL-codes: E50 F30 F32 (search for similar items in EconPapers)
Date: 2015-08
New Economics Papers: this item is included in nep-cba, nep-eec, nep-ger, nep-mac, nep-mon and nep-opm
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