This diploma thesis discuss the influence of the euro currency on economical situation and its development in Italy, Portugal, Greece and Spain. It is also concerned with the debt crisis which these countries are passing through. First, I analyze development of these countries in the last 20 years prior to entering the eurozone. After that, I focus on the fulfiling of Maastricht criterias and Optimal currency area theory, mainly the convergence of business cycles. Next chapter puts in place the questions of positive expectations, which should have be brought be the euro. In the fourth chapter the work shifts in time to the period after adopting the euro and it analyses the development of several macroeconomic values in the years 2001 - 2010 in southern countries. The results of these research are explained with focus on the influence of the euro. Last chapter concerns about the path of Italy, Portugal, Greece and Spain to the debt crisis, which peaked by the incapability of further finacing some of these countries. It research the possible effects of euro as well.

The European Central Bank implements its monetary policy within the Euro Area -- the biggest project of monetary union in the history. This fact itself draws our attention and gives rise to the questions about the efficiency of the adopted steps in the scope of fulfilling the main objective -- price stability. However when evaluating the overall economic balance we are not only interested in price stability. This paper is focused on ECB monetary policy from a theoretical point of view as well as through comprehensive analysis of its practical effects on economic performance. External and internal balance indicators help us to evaluate the ECB's achievement from 1999 till now. Therefore we can see the origins of the current miserable state of the common currency not in the bad decisions undertaken by the ECB, but in the general conditions, which enabled the formation of the EMU on a very unstable foundation.

This thesis examines the convergence in health care spending in euro area member countries during the period 1995-2010 and the influence of joining euro zone on convergence of health care expenditure. Panel data set covering 17 cross-sectional units (current eurozone member countries) over 15-years time period is examined using the classical approach to convergence. The analyses presented in this thesis provide evidence of sigma-convergence of HCE as a share of GDP. Conditions for sigma-convergence of HCE per capita are not satisfied. As for beta-convergence, the analysis of HCE as a share of GDP confirm the absolute convergence, conditional convergence did not occur. As for HCE per capita, absolute and conditional convergence hypotheses were affirmed. In both cases of absolute convergence, joining the euro area significantly supported convergence of HCE.

Doctoral dissertation thesis deals with the issue of monetary integration within Europe. There are three main parts of it: the first one describes historical, political and also economic aspects of gradual monetary union formation, the second one analyses the impact of financial and economic crisis on the symmetry of Euro area development, and the last one deals with present debt crisis (and EU reaction on it). There are also involved possible future developments, when fiscal policy councils gained the most attention.

This thesis deals with economical development of Euro Area and related structural imbalances and systemic weaknesses. As a region with common monetary policy Euro Area serves as a prime example of consequences of not fulfilling theoretical conditions which are needed for proper functioning of Optimal Currency Area concept. Current economical crisis fully revealed these imperfections and divergence process which deepened dtrucvtural differences between core and peripheral countries. My thesis will describe concept of Optimal Currency Area and international adjustment processes. Cardinal part of thesis will contain description and analysis of economical development of core and peripheral countries within Euro Area since its establishment to present with focus on revealed macroeconomical imbalances. Main aim is to show and analyze major economical causes of present crisis. In the end of thesis possible solutions and reforms designed to prevent similar development in the future will be presented.

This master dissertation deals with broadly discussed topic -- are there really some trade enhancing effects for countries that have adopted the euro? This thesis provides an estimate of the effect of the European Monetary Union on trade, taking into account panel data of 37 economies during sample period 1995 -- 2012. The sample consists of 27 European Union members and 10 non-EU OECD countries. After applying gravity model of trade and controlling for gravity-model-specific influences, the effect of the euro on trade obtained from the results of the estimation is positive and statistically significant 9 per cent.

The goal of this diploma thesis is to examine whether the theory of Optimum Currency Area (OCA) confirms the view that the economies of southern and northern member states of the European Economic and Monetary Union (EMU) display different economic characteristics. The thesis strives to answer whether a hypothetical separation of current EMU into two separate monetary blocks makes sense from the perspective of the theory of OCA. First, the thesis examines the evolution of the theory of OCA with a special focus on suggested criteria and their usefulness for the analysis of hypothetical break-up of EMU. These criteria are subsequently divided into economic and political criteria and into centrally fulfilled and separately fulfilled criteria. The thesis then examines how the member states of the EMU cope with the proposed criteria.

Cette thèse réalisée au sein du département finance d’HEC Paris est constituée de trois parties. La première s’intéresse à la résilience des chambres de compensation en temps de crise. C’est un travail réalisé avec François Derrien, Evren Örs et David Thesmar dans lequel nous montrons que le manque de régulation de ces acteurs conduit à une détérioration de la confiance qui leur est accordée quand les conditions macroéconomiques se détériorent. Ceci impacte alors négativement leur capacité à assurer une liquidité suffisante sur le marché interbancaire. Le deuxième chapitre porte sur l’impact de la concentration du secteur bancaire autour de quelques grands groupes sur l’allocation macroéconomique du crédit. J’y développe une approche innovante pour répondre à cette question et montre que cet impact est limité: les chocs idiosyncratiques des "big players" n’ont qu’un rôle limité dans la fluctuation du crédit aggrégé. La dernière partie est un travail réalisé avec Adrien Matray et Thomas Bourveau. Nous nous intéressons à la transmission de la culture du risque au sein du secteur bancaire et montrons que les filiales d’un groupe bancaire tendent à converger quant à leur évaluation du risque futur. En retour, cela peut amener à une sous-évaluation de ce dernier et impacter la stabilité financière. / This thesis is divided into three chapters. The first one deals with Central Clearing Counterparties (CCPs) and their resiliency in crisis times. This is a joint work with François Derrien, Evren Ors and David Thesmar. Focusing on CCPs backed repo trades during the eurozone crisis, we show that the market factored in the default of CCPs. In turn, this affected their capacity to ensure liquidity in the interbank market. Our results have strong consequences for the way CCPs should be regulate. The second chapter aims at quantifying the impact of the rise of the concentration in the banking sector on aggregate credit fluctuations. Building on novel empirical approach, I show that big players’ idiosyncratic shocks have a limited impact on aggregate credit. The explanation lies in the fact that the strength of banking groups idiosyncratic shocks is limited compared to aggregate and subsidiaries level ones. The last chapter, a joint work with Thomas Bourveau and Adrien Matray, focuses on the transmission of corporate risk culture. We show that subsidiaries of the same banking group tend to assess future risks in similar ways. In turn, this gives insights on how banking crisis can spread be fueled by corporate risk culture.

This thesis seeks to simulate the impact on the human foot on the car bumper. The opening section deals with requirements as to the current passive safety features aiming to mitigate the consequences of such impact. The thesis also describes the construction of a human foot impactor, its certification via both static and dynamic tests, a simulation of the cash test and its evaluation. The designed model as well as the simulation procedure have been led according to the current Euro NCAP specifications.

Simplified parametric model of vehicle side structure MT, Institute of Automotive Engineering, 2010, p. 117, fig. 130, appendices 0 This study´s motivation is based on Euro NCAP tests, especially side impact test, which consist of barrier impacting into vehicle side. Goal is to make simplified parametric model of vehicle side structure. The behavior of loads on dummy must be as identical as possible with big FEM model.