Occasional Paper Series

From European Central Bank
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129: The Stability and Growth Pact - crisis and reform

Ludger Schuknecht, Philippe Moutot, Philipp Rother and Jürgen Stark

128: Structural features of distributive trades and their impact on prices in the euro area

Jarkko Kivistö, Pierre-Michel Bardet-Fremann, Stelios Panagiotou, Zornitsa Vladova, Tsvetan Tsalinski, Adrian Page, Magdalena Komzakova, Ri Kaarup, Sabine Ervens, Nicoletta Berardi, Emanuela Ciapanna, Branislav Karma, Mateja Gabrijelcic, Fátima Cardoso, Friedrich Fritzer, Jasper Kieft, Sandra Zefara, Demetris Kapatais, Concetta Rondinelli, María de los Llanos Matea, Christin Hartmann, Claudia Sullivan, Harald Stahl, Luis Alvarez, Bettina Landau, Matthias Mohr, Philip Vermeulen, Patrick Sevestre, Patrick Lünnemann, David Cornille, Aidan Meyler, Christopher Pace, Valerie Jarvis, Erik Walch, Hiona Balfoussia, Luca Gattini, Suzanne Linehan, David Sondermann, Mario Izquierdo and Robert Anderton

127: Beyond the economics of the euro - analysing the institutional evolution of EMU 1999-2010

Marion Salines, Gabriel Glöckler, Zbigniew Truchlewski and Paola del Favero

126: Euro area cross-border financial flows and the global financial crisis

Michele Ca' Zorzi, Katrin Forster and Melina A. Vasardani

125: Household sector borrowing in the euro area - a micro data perspective

Ramón Gómez-Salvador, Thomas Westermann and Adriana Lojschova

124: Who has been affected, how and why? The spillover of the global financial crisis to Sub-Saharan Africa and ways to recovery

André Geis and Sophie Chauvin

123: The international monetary system after the financial crisis

Ettore Dorrucci and Julie McKay

122: The impact of the Eurosystem's covered bond purchase programme on the primary and secondary markets

John Beirne, Jens Tapking, Benjamin Sahel, Matjaž Sušec, Fernando Monar, Simone Manganelli, Magdalena Grothe, Jacob Ejsing, Lars Dalitz and Tana Vong

121: The benefits of fiscal consolidation in uncharted waters

Ludger Schuknecht, Philipp Rother and Jürgen Stark

120: Dancing together at arm's length? - the interaction of central banks with governments in the G7

Cristina Bodea and Stefan Huemer

119: The global downturn and its impact on euro area exports and competitiveness

Filippo di Mauro, Katrin Forster and Ana Lima

118: The impact of the global financial turmoil and recession on Mediterranean countries' economies

Michael Sturm and Nicolas Sauter

117: Extraordinary measures in extraordinary times: public measures in support of the financial sector in the EU and the United States

Stéphanie Marie Stolz and Michael Wedow

116: Securities clearing and settlement in China: markets, infrastructures and policy-making

Patrick Hess

115: Financial stability challenges in EU candidate countries - Financial systems in the aftermath of the global crisis

Thierry Bracke, Éva Katalin Polgár, Kristel Buysse, Desislava Rusinova, Alexandre Francart, Jakob Eckholdt Christensen, Corinna Knobloch, Nikolaos Stavrianou, Pavel Diev, Emidio Cocozza, Jon Frost, Sandor Gardo and David Farelius

114: The impact of the global economic and financial crisis on central, eastern and south-eastern Europe: A stock-taking exercise

Reiner Martin and Sandor Gardo

113: Energy markets and the euro area macroeconomy

Milan Donoval, Erwan Gautier, Galo Nuño, Anton Nakov, Noelia Jiménez, María de los Llanos Matea, Angel Estrada, Pinelopi Zioutou, Zacharias Bragoudakis, Laura Weymes, Derry O'Brien, Delphine Irac, Nicolas Maggiar, Ivan Faiella, Mikulas Car, Monika Tepina, João Amador, Andreas Breitenfellner, Guido Schotten, Brian Micallef, Amela Hubic, Muriel Bouchet, Lena Cleanthous, Fabrizio Venditti, Ulf Slopek, Christin Hartmann, Bettina Landau, Luca Gattini, Michael Fidora, Riccardo Costantini, Agostino Consolo, Roland Beck, Claudia Sullivan, Sylvia Kelley, Aidan Meyler, Rolf Strauch, Ana Lima, David Lodge, Marco Lombardi, David Cornille, Vanessa Baugnet, Melina A. Vasardani, Martin Spitzer, Michel Soudan, Michal Slavík, Frauke Skudelny, Moreno Roma, Matthias Mohr and Ricardo Mestre

112: Public wages in the euro area - towards securing stability and competitiveness

Fédéric Holm-Hadulla, Kishore Kamath, Ana Lamo, Javier Pérez and Ludger Schuknecht

111: Main drivers of the ECB financial accounts and ECB financial strength over the first 11 years

Olivier Vergote, Werner Studener, Ioannis Efthymiadis and Niall Merriman

110: Protectionist responses to the crisis – global trends and implications

Daria Taglioni, Roland Straub, Matthieu Bussiere and Emilia Pérez-Barreiro

109: Euro area fiscal policies and the crisis

Mathias Trabandt, Maria Grazia Attinasi, Jürgen Stark, Laure Lalouette, Christiane Nickel, Vilém Valenta, Ad van Riet, Nadine Leiner-Killinger, Antonio Afonso, Thomas Warmedinger, Julia Catz, Henri Maurer, Cristina Checherita-Westphal, Michal Slavík and Philipp Rother

108: Trade consistency in the context of the Eurosystem projection exercises - an overview

Kirstin Hubrich and Tohmas Karlsson

107: The collateral frameworks of the Eurosystem, the Federal Reserve System and the Bank of England and the financial market turmoil

Samuel Cheun, Isabel von Köppen-Mertes and Benedict Weller

106: Monetary policy strategy in a global environment

Giovanni Vitale and Philippe Moutot

105: Flow-of-funds analysis at the ECB: framework and applications

Gwenaël Le Breton and Louis Be Duc

104: Fiscal policy challenges in oil-exporting countries: a review of key issues

Michael Sturm, François Gurtner and Juan González Alegre

103: Transnational governance in global finance: the principles for stable capital flows and fair debt restructuring in emerging markets

Raymond Ritter

102: Domestic financial development in emerging economies: evidence and implications

Ettore Dorrucci, Alexis Meyer-Cirkel and Daniel Santabárbara

101: Housing finance in the euro area

Petra Köhler-Ulbrich, Ioannis Asimakopoulos, Nicola Doyle, Ruth Magono, Marie-Denise Zachary, Zoltan Walko, Elmar Stoess, Christoffer Kok, Karin Wagner, Nico Valckx, Jorge Martínez Pagés, Francesco Drudi, Vesna Lukovic, Marco Protopapa, Laure Lalouette, Vasilis Georgakopoulos, Daniel Gabrielli, Laura Bartiloro, Gavin Doheny, Paolo Emilio Mistrulli, Maria Kasselaki, Ramón Gómez-Salvador, Guido Wolswijk, Nuno Ribeiro, Harri Hasko, Gerbert Hebbink, Wendy Zammit, Romain Weber, Christiana Argyridou, Silvia Magri and Jiri Slacalek

100: Survey data on household finance and consumption: research summary and policy use

Arthur Kennickell, Trevor Fitzpatrick, Michael Ehrmann, Riccardo Bonci, Jean-Marc Museux, Juha Honkkila, Jouko Vilmunen, Risto Herrala, Irena Komprej, Matjaž Jeran, Uroš Geršak, Matej Brelih, Luísa Farinha, Martin Schürz, Magnus Forsells, Ramón Gómez-Salvador, Michael Haliassos, Luigi Guiso, Martin Zeleny, Bernhard Winkler, Caroline Willeke, Philip Vermeulen, Jiri Slacalek, Frauke Skudelny, Patrick Sandars, Carlos Sánchez Muñoz, Sebastien Perez-Duarte, David Lodge, Elke Hahn, Pirmin Fessler, Christian Beer, Olympia Bover, Cristina Barceló, Panagiota Tzamourani, Theo Mitrakos, Calliope Akantziliotou, Aisling Menton, Martina Lawless, Mary Keeney, Markus Grabka, Tobias Schmidt, Ulf von Kalckreuth, Pierrick Stinglhamber, Ernesto Villanueva, Frédérique Savignac, Maarten van Rooij, Federica Teppa, Corry van Renselaar, Henriëtte M. Prast, Christopher Pace, Karen Caruana, Thomas Mathä, Stephan Haroutunian, Eliana Viviano, Stefano Iezzi, Ivan Faiella, Cédric Houdré, Patrick Sevestre and Isabelle de Greef

99: The ECB and IMF indicators for the macro-prudential analysis of the banking sector: a comparison of the two approaches

Paolo Poloni, Anna Maria Agresti and Patrizia Baudino

98: Will oil prices decline over the long run?

Filippo di Mauro, Robert Kaufmann and Pavlos Karadeloglou

97: Globalisation and the competitiveness of the euro area

Filippo di Mauro and Katrin Forster

96: The monetary presentation of the euro area balance of payments

Frank Mayerlen, Pierre Sola and Louis Be Duc

95: Financial stability challenges in candidate countries managing the transition to deeper and more market-oriented financial systems

Adalbert Winkler, Hubert Schokker, Emidio Cocozza, Valerie Herzberg, Csaba Móré, Anthony de Lannoy, Sandor Gardo, Tomasz Chmielewski, Éva Katalin Polgár, Maurizio Michael Habib, Thierry Bracke, Tina Zumer, André Geis and Peter Backé

94: The changing role of the exchange rate in a globalised economy

Rasmus Rüffer, Filippo di Mauro and Irina Bunda

93: Russia, EU enlargement and the euro

Adalbert Winkler and Zbigniew Polański

92: The Gulf Cooperation Council countries: economic structures, recent developments and role in the global economy

Michael Sturm, Petra Adolf, Dominik Peschel and Jan Stráský

91: The impact of sovereign wealth funds on global financial markets

Michael Fidora and Roland Beck

90: Wage growth dispersion across the euro area countries: some stylised facts

Beatrice Pierluigi, Nick Vidalis, Malin Andersson and Arne Gieseck

89: An analysis of youth unemployment in the euro area

Ramón Gómez-Salvador and Nadine Leiner-Killinger

88: Real convergence, financial markets and the current account - emerging Europe versus emerging Asia

Adalbert Winkler and Sabine Herrmann

87: Labour supply and employment in the euro area countries: developments and challenges

Rolf Strauch, Ramón Gómez-Salvador, Melanie Ward-Warmedinger, Jarkko Turunen, Nadine Leiner-Killinger and Klaus Masuch

86: Real convergence and the determinants of growth in EU candidate and potential candidate countries: a panel data approach

Magdalena Morgese Borys, Éva Katalin Polgár and Andrei Zlate

85: Benchmarking the Lisbon Strategy

Demosthenes Ioannou, Marien Ferdinandusse, Marco Lo Duca and Wouter Coussens

84: Short-term forecasting of GDP using large monthly datasets: a pseudo real-time forecast evaluation exercise

Christophe Van Nieuwenhuyze, Szilard Benk, Gerhard Rünstler, Riccardo Cristadoro, Ard Den Reijer, Audrone Jakaitiene, Piotr Jelonek, António Rua, Karsten Ruth and Karim Barhoumi

83: The predictability of monetary policy

Tobias Sebastian Blattner, Marco Catenaro, Michael Ehrmann, Rolf Strauch and Jarkko Turunen

82: The sustainability of China's exchange rate policy and capital account liberalisation

Lorenzo Cappiello and Gianluigi Ferrucci

81: Measuring financial integration in new EU Member States

Roberto De Santis, Lorenzo Cappiello, Markus Baltzer and Simone Manganelli

80: China's and India's roles in global trade and finance: twin titans for the new millennium?

Arnaud Mehl and Matthieu Bussiere