The euro was 10 in 2008. To celebrate this important birthday the European Commission produced a 350 pages report (European Commission, 2008), accompanied by a string of research papers, to evaluate the EMU experience after a decade. Lights and shades emerged from a careful and thorough analysis of the relevant issues, but the overall conclusion was: "EMU is a resounding suc- cess". Though perhaps more soberly, most observers would have subscribed to this view, ready to shelve some issues that, hotly debated when EMU was rst launched, seemed now to have lost relevance: the effects of asymmetric shocks when optimum currency area conditions are not satisfied, the dangers of unco- ordinated scal policies, the Walters (1986) critique of a one-size- ts-all single monetary policy.
Why the current account may matter in a monetary union: Lessons from the financial crisis in the Euro area
GIAVAZZI, FRANCESCO;
2011
Abstract
The euro was 10 in 2008. To celebrate this important birthday the European Commission produced a 350 pages report (European Commission, 2008), accompanied by a string of research papers, to evaluate the EMU experience after a decade. Lights and shades emerged from a careful and thorough analysis of the relevant issues, but the overall conclusion was: "EMU is a resounding suc- cess". Though perhaps more soberly, most observers would have subscribed to this view, ready to shelve some issues that, hotly debated when EMU was rst launched, seemed now to have lost relevance: the effects of asymmetric shocks when optimum currency area conditions are not satisfied, the dangers of unco- ordinated scal policies, the Walters (1986) critique of a one-size- ts-all single monetary policy.
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