Not unlike in other advanced economies, the financial trauma that followed the demise of one of the largest global investment banks created anxiety about the magnitude of European banks’ exposure to subprime products of uncertain quality. This prompted a sudden stop in the availability of money market funding for many credit institutions in the euro area and a systemic rush to cash.
For example, adequate resources must be available to re-create all euro area time-series each time one or more countries joins EMU. Among these statistics, the indicators that will be used to assess the convergence of these Member States towards EMU deserve particular attention.