ECB paper 'Adjusting to the euro'

In this ECB Working Paper the authors argue that, for a group of converging economies of the European Union, participation in the euro area has been associated with easier access to financing by domestic economic agents.

Easier access to financing was a significant impulse leading to a sharp increase in households' expenditures and a corresponding fall in the savings ratio. Increased expenditure was associated with current account deficits, a sharp fall in the net foreign asset position and an

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