Macro-Financial Stability Under Emu

36 Pages Posted: 5 Nov 2020

Date Written: February, 2016


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: macroeconomic stabilisation, financial stability, international capital flows, inflation, exchange rate

JEL Classification: E52, E65, G28

Suggested Citation

Lane, Philip R., Macro-Financial Stability Under Emu (February, 2016). ESRB: Working Paper Series No. 2016/01, Available at SSRN: or

Philip R. Lane (Contact Author)

European Central Bank (ECB)

Sonnemannstrasse 22
Frankfurt am Main, 60314

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