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Title: Macro-Financial Stability under EMU

Author(s): Philip R. Lane

Publication Date: August 2015

Keyword(s): EMU, financial stability and macroprudential

Programme Area(s): International Macroeconomics and Finance

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.

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Bibliographic Reference

Lane, P. 2015. 'Macro-Financial Stability under EMU'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=10776