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A fear about EMU was that in the absence of national currencies, country-specific shocks would result in greater current account divergences between member states. This paper finds that divergences across euro-area countries are smaller and have not risen relative to those across 13 other advanced economies with more flexible exchange rates. Also, the size of country-specific current account shocks in EMU countries is smaller and their persistence is greater than in the other advanced economies. However, these differences in current account dynamics do not appear related to different exchange rate dynamics.

Foreign exchange rates --- Foreign exchange --- Cambistry --- Currency exchange --- Exchange, Foreign --- Foreign currency --- Foreign exchange problem --- Foreign money --- Forex --- FX (Finance) --- International exchange --- International finance --- Currency crises --- Exports and Imports --- Foreign Exchange --- Current Account Adjustment --- Short-term Capital Movements --- International economics --- Currency --- Current account --- Real exchange rates --- Current account balance --- Real effective exchange rates --- Exchange rates --- Balance of payments --- Germany

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This paper investigates wage setting in (west) Germany using the German Socioeconomic Panel dataset on individuals and compares the findings with those available for the United Kingdom and the United States. The fraction of job stayers in (west) Germany who suffer unchanged wages or wage cuts compares with that in similar data for the Anglo-American countries, even after various adjustments for potential reporting errors. While nominal wages of job stayers are rigid downward, real wages are not. Nevertheless, the macroeconomic effects of the nominal rigidity are limited and cannot be weakened substantially by raising inflation.

Inflation --- Labor --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Price Level --- Deflation --- Monetary Policy --- Wages, Compensation, and Labor Costs: General --- Labour --- income economics --- Macroeconomics --- Civil service & public sector --- Wage adjustments --- Real wages --- Civil service --- Prices --- United Kingdom --- Income economics

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Money. Monetary policy --- Deflation (Finance) --- Monetary policy. --- Prices. --- 336.748 --- deflation --- crise financiere --- politique monetaire --- politique des prix --- 336.748.14 deflatie --- Economic policy --- AA* / International - Internationaal --- CN / China - Chine --- DE / Germany - Duitsland - Allemagne --- JP / Japan - Japon --- 333.842 --- 331.31 --- 333.841 --- 330.05 --- 332.41 --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Disinflation --- Finance --- Koopkracht van het geld. Geldontwaarding. Stagflatie. Inflatie. Deflatie. Devaluatie --- deflatie --- financiele crisis --- monetair beleid --- prijsbeleid --- Deflatie. --- Economisch beleid. --- Inflatie. --- Working papers --- Deflation (Finance). --- 336.748 Koopkracht van het geld. Geldontwaarding. Stagflatie. Inflatie. Deflatie. Devaluatie --- Monetary policy --- Prices --- Commercial products --- Commodity prices --- Justum pretium --- Price theory --- Consumption (Economics) --- Cost --- Costs, Industrial --- Money --- Cost and standard of living --- Supply and demand --- Value --- Wages --- Willingness to pay --- Monetary management --- Currency boards --- Money supply --- Economisch beleid --- Inflatie --- Deflatie

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By and large, EU financial integration has been a success story. Still, the reform agenda is far from finished. What are the remaining challenges going forward? What are the gains of closer financial market integration? This IMF book tracks the European Union's journey along the path to a single financial market and identifies the challenges and priorities that remain ahead. It pays particular attention to the most recent integration efforts in the European Union following the introduction of the euro. The study looks at the importance of financial integration, in particular for economic growth, the interplay between banks and markets, and equity market integration. It closely examines the relationship between financial integration and financial stability. This interaction presents the EU with a challenge, but also with the opportunity to play a pioneering role in developing a regional approach to financial stability that could provide lessons for the rest of the world.

Private finance --- Europe --- Finance --- Capital market --- Financial institutions --- Finances --- Marché financier --- Institutions financières --- European Union --- Economic integration. --- Business & Economics --- Economic History --- 339.7 --- eenheidsmarkt --- europa --- financiele markten --- 333.102 --- 333.602 --- 333.610 --- 334.151.28 --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- -Finance --- -332.094 --- Financial intermediaries --- Lending institutions --- Associations, institutions, etc. --- Funding --- Funds --- Economics --- Currency question --- Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- marché unique --- europe --- marchés financiers --- Bankconcentratie. --- Activiteiten en evolutie van de financiële markten. --- Effectenbeurzen: algemeenheden. --- Kredietinstellingen in de Europese Gemeenschappen. --- 339.7 Internationale financien. Buitenlands betalingsverkeer --(z.o {336}) --- Marché financier --- Institutions financières --- Capital markets --- Market, Capital --- E.U. --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- 332.094 --- Bankconcentratie --- Activiteiten en evolutie van de financiële markten --- Effectenbeurzen: algemeenheden --- Kredietinstellingen in de Europese Gemeenschappen --- European Union countries --- Banks and Banking --- Finance: General --- Financial Risk Management --- Investments: Stocks --- Industries: Financial Services --- Accounting --- Investments: General --- Insurance --- General Financial Markets: General (includes Measurement and Data) --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- General Financial Markets: Government Policy and Regulation --- Financial Institutions and Services: Government Policy and Regulation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Bankruptcy --- Liquidation --- Banking --- Investment & securities --- Economic & financial crises & disasters --- Insurance & actuarial studies --- Macroeconomics --- Financial reporting, financial statements --- Stock markets --- Financial sector stability --- Financial integration --- Financial services --- Financial markets --- Financial sector policy and analysis --- Competition --- Banks and banking --- Financial services industry --- Stock exchanges --- International finance --- United States

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A rules-based fiscal framework, such as the EU’s Stability and Growth Pact (SGP), can be an important bulwark against short-sighted policies. Although policies have improved following the SGP’s adoption, shortcomings remain. These, however, are rooted in the policies rather than the rules, where few changes seem necessary. Specifically, the Excessive Deficit Procedure needs a stronger focus on policies rather than outcomes, while staying operationally simple and transparent. Furthermore, reforms are needed to foster time-consistent national policies, budgetary transparency, and ownership of the Pact. Accordingly, parliaments should debate national Stability Programs and national fiscal councils should review these programs for parliaments.

Macroeconomics --- Public Finance --- Data Processing --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Fiscal Policy --- National Budget, Deficit, and Debt: General --- Data Collection and Data Estimation Methodology --- Computer Programs: General --- Institutions and the Macroeconomy --- Data capture & analysis --- Fiscal policy --- Data processing --- Fiscal governance --- Fiscal rules --- Structural reforms --- Economic and financial statistics --- Macrostructural analysis --- Electronic data processing --- Greece