Vítor Constâncio, European Central Bank, GermanyJohn Duca, Federal Reserve Bank of Dallas and Southern Methodist University, USAJohn Muellbauer, Nuffield College and Oxford Martin School, UKRichard Barwell, Royal Bank of Scotland, UKOliver Burrows, Bank of England, UKShuji Kobayakawa, Bank of Japan, JapanRyoichi Okuma, Bank of Japan, JapanJanez Fabijan, Bank of Slovenia, Slovenia Philippe de Rougemont, European Central Bank, GermanyCarlos Cuerpo, European Commission, BelgiumAlexandr Hobza, European Commission, BelgiumChristophe Van Nieuwenhuyze, National Bank of Belgium, Belgium Nuno Silva, Banco de Portugal, Portugal Nuno Ribeiro, Banco de Portugal, PortugalAntónio Antunes, Banco de Portugal, PortugalVirgilijus Rutkauskas, Bank of Lithuania, LithuaniaMichael Andreasch, Oesterreichische Nationalbank, Austria

• Foreword; Vítor Constâncio 1. Introduction and Overview; Bernhard Winkler, Ad van Riet and Peter Bull PART I: FLOW OF FUNDS AND MACROFINANCIAL ANALYSIS 2. Tobin LIVES; John Duca and John Muellbauer 3. Balance sheets in The Great Moderation; Richard Barwell and Oliver Burrows 4. Japan's Flow of Funds Accounts; Shuji Kobayakawa and Ryoichi Okuma 5. Financial Accounts - the Case of Slovenia; Janez Fabijan PART II: FLOW OF FUNDS AND MACROECONOMIC IMBALANCES IN EUROPE 6. The Financial Crisis in the Light of Euro Area Accounts; Philippe de Rougemont and Bernhard Winkler 7. The Surveillance of Macroeconomic Imbalances in the EU; Carlos Cuerpo and Alexandr Hobza 8. Debt, Assets and Imbalances in the Euro Area; Christophe Van Nieuwenhuyze PART III: FLOW OF FUNDS AND FINANCIAL STABILITY 9. Systemic Risk Contingent Claims Analysis; Nuno Silva, Nuno Ribeiro and António Antunes 10. Financial Accounts and Financial Stability in Lithuania; Virgilijus Rutkauskas 11. Financial Linkages of the Financial Sector in Austria; Michael Andreasch

Vítor Constâncio, European Central Bank, GermanyJohn Duca, Federal Reserve Bank of Dallas and Southern Methodist University, USAJohn Muellbauer, Nuffield College and Oxford Martin School, UKRichard Barwell, Royal Bank of Scotland, UKOliver Burrows, Bank of England, UKShuji Kobayakawa, Bank of Japan, JapanRyoichi Okuma, Bank of Japan, JapanJanez Fabijan, Bank of Slovenia, Slovenia Philippe de Rougemont, European Central Bank, GermanyCarlos Cuerpo, European Commission, BelgiumAlexandr Hobza, European Commission, BelgiumChristophe Van Nieuwenhuyze, National Bank of Belgium, Belgium Nuno Silva, Banco de Portugal, Portugal Nuno Ribeiro, Banco de Portugal, PortugalAntónio Antunes, Banco de Portugal, PortugalVirgilijus Rutkauskas, Bank of Lithuania, LithuaniaMichael Andreasch, Oesterreichische Nationalbank, Austria

• Foreword; Vítor Constâncio 1. Introduction and Overview; Bernhard Winkler, Ad van Riet and Peter Bull PART I: FLOW OF FUNDS AND MACROFINANCIAL ANALYSIS 2. Tobin LIVES; John Duca and John Muellbauer 3. Balance sheets in The Great Moderation; Richard Barwell and Oliver Burrows 4. Japan's Flow of Funds Accounts; Shuji Kobayakawa and Ryoichi Okuma 5. Financial Accounts - the Case of Slovenia; Janez Fabijan PART II: FLOW OF FUNDS AND MACROECONOMIC IMBALANCES IN EUROPE 6. The Financial Crisis in the Light of Euro Area Accounts; Philippe de Rougemont and Bernhard Winkler 7. The Surveillance of Macroeconomic Imbalances in the EU; Carlos Cuerpo and Alexandr Hobza 8. Debt, Assets and Imbalances in the Euro Area; Christophe Van Nieuwenhuyze PART III: FLOW OF FUNDS AND FINANCIAL STABILITY 9. Systemic Risk Contingent Claims Analysis; Nuno Silva, Nuno Ribeiro and António Antunes 10. Financial Accounts and Financial Stability in Lithuania; Virgilijus Rutkauskas 11. Financial Linkages of the Financial Sector in Austria; Michael Andreasch

Vítor Constâncio, European Central Bank, GermanyJohn Duca, Federal Reserve Bank of Dallas and Southern Methodist University, USAJohn Muellbauer, Nuffield College and Oxford Martin School, UKRichard Barwell, Royal Bank of Scotland, UKOliver Burrows, Bank of England, UKShuji Kobayakawa, Bank of Japan, JapanRyoichi Okuma, Bank of Japan, JapanJanez Fabijan, Bank of Slovenia, Slovenia Philippe de Rougemont, European Central Bank, GermanyCarlos Cuerpo, European Commission, BelgiumAlexandr Hobza, European Commission, BelgiumChristophe Van Nieuwenhuyze, National Bank of Belgium, Belgium Nuno Silva, Banco de Portugal, Portugal Nuno Ribeiro, Banco de Portugal, PortugalAntónio Antunes, Banco de Portugal, PortugalVirgilijus Rutkauskas, Bank of Lithuania, LithuaniaMichael Andreasch, Oesterreichische Nationalbank, Austria

• Foreword; Vítor Constâncio 1. Introduction and Overview; Bernhard Winkler, Ad van Riet and Peter Bull PART I: FLOW OF FUNDS AND MACROFINANCIAL ANALYSIS 2. Tobin LIVES; John Duca and John Muellbauer 3. Balance sheets in The Great Moderation; Richard Barwell and Oliver Burrows 4. Japan's Flow of Funds Accounts; Shuji Kobayakawa and Ryoichi Okuma 5. Financial Accounts - the Case of Slovenia; Janez Fabijan PART II: FLOW OF FUNDS AND MACROECONOMIC IMBALANCES IN EUROPE 6. The Financial Crisis in the Light of Euro Area Accounts; Philippe de Rougemont and Bernhard Winkler 7. The Surveillance of Macroeconomic Imbalances in the EU; Carlos Cuerpo and Alexandr Hobza 8. Debt, Assets and Imbalances in the Euro Area; Christophe Van Nieuwenhuyze PART III: FLOW OF FUNDS AND FINANCIAL STABILITY 9. Systemic Risk Contingent Claims Analysis; Nuno Silva, Nuno Ribeiro and António Antunes 10. Financial Accounts and Financial Stability in Lithuania; Virgilijus Rutkauskas 11. Financial Linkages of the Financial Sector in Austria; Michael Andreasch