EUROPEAN CENTRAL BANK
OCCASIONAL PAPER SERIES
1 “The impact of the euro on money and bond markets” by J. Santillan, M. Bayle and
C. Thygesen, July 2000.
2 “The effective exchange rates of the euro” by L. Buldorini, S. Makrydakis and C. Thimann,
February 2002.
3 “Estimating the trend of M3 income velocity underlying the reference value for monetary
growth” by C. Brand, D. Gerdesmeier and B. Roffia, May 2002.
4 “Labour force developments in the euro area since the 1980s” by V. Genre and
R. Gomez-Salvador, July 2002.
5 “The evolution of clearing and central counterparty services for exchange-traded
derivatives in the United States and Europe: a comparison” by D. Russo,
T. L. Hart and A. Schonenberger, September 2002.
6 “Banking integration in the euro area” by I. Cabral, F. Dierick and J. Vesala,
December 2002.
7 “Economic relations with regions neighbouring the euro area in the ‘Euro Time Zone’” by
F. Mazzaferro, A. Mehl, M. Sturm, C. Thimann and A. Winkler, December 2002.
8 “An introduction to the ECB’s survey of professional forecasters” by J. A. Garcia,
September 2003.
9 “Fiscal adjustment in 1991-2002: stylised facts and policy implications” by M. G. Briotti,
February 2004.
10 “The acceding countries’ strategies towards ERM II and the adoption of the euro:
an analytical review” by a staff team led by P. Backé and C. Thimann and including
O. Arratibel, O. Calvo-Gonzalez, A. Mehl and C. Nerlich, February 2004.
11 “Official dollarisation/euroisation: motives, features and policy implications of current cases”
by A. Winkler, F. Mazzaferro, C. Nerlich and C. Thimann, February 2004.
12 “Understanding the impact of the external dimension on the euro area: trade, capital flows and
other international macroeconomic linkages“ by R. Anderton, F. di Mauro and F. Moneta,
March 2004.
13 “Fair value accounting and financial stability” by a staff team led by A. Enria and including
L. Cappiello, F. Dierick, S. Grittini, A. Maddaloni, P. Molitor, F. Pires and P. Poloni,
April 2004.
14 “Measuring Financial Integration in the Euro Area” by L. Baele, A. Ferrando, P. Hordahl,
E. Krylova, C. Monnet, April 2004.
ECB
Occasional Paper No. 19
July 2004