http://www.ecb.int/pub/pdf/scpwps/ecbwp616.pdf (683 KB PDF) Ehrmann, Michael, Marcel Fratzscher and Roberto Rigobon (2005). “Stocks, Bonds, Money Markets, and Exchange Rates: Measuring International Financial Transmission,” working paper no. 452, European Central Bank. http://www.ecb.int/pub/pdf/scpwps/ecbwp452.pdf (953 KB PDF) European Central Bank (2006), “Effects of the Rising Trade Integration of Low-Cost Countries on Euro Area Import Prices,” ECB Monthly Bulletin, Frankfurt, Germany (August), pp.
The challenge of creating an adequate institutional framework  As I have just pointed out, the crisis revealed two basic problems within the European Monetary Union: macroeconomic imbalances and excessive public deficits. Both problems have their roots within the individual member states.