Monetary-Financial Stability Under EMU

36 Pages Posted: 27 Aug 2015

See all articles by Philip R. Lane

Philip R. Lane

Trinity College (Dublin) - Department of Economics; Centre for Economic Policy Research (CEPR); Central Bank of Ireland

Date Written: August 2015

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

JEL Classification: E50, F30, F32

Suggested Citation

Lane, Philip R., Monetary-Financial Stability Under EMU (August 2015). CEPR Discussion Paper No. DP10776. Available at SSRN: https://ssrn.com/abstract=2652046

Philip R. Lane (Contact Author)

Trinity College (Dublin) - Department of Economics ( email )

Trinity College
Dublin 2
Ireland
+353 1 608 2259 (Phone)
+353 1 677 2503 (Fax)

Centre for Economic Policy Research (CEPR)

London
United Kingdom

Central Bank of Ireland ( email )

P.O. Box 559
Dame Street
Dublin, 2
Ireland

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